/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050420.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, April 20, 2005, Vol. 6, No. 77 Headlines C Z E C H R E P U B L I C CZECH AIRLINES: 40 Offer to Bankroll Plane Procurement Program IPB: CKA Wins Favorable Ruling on J Ring Claim * Czech Travel Firms Winding up in Face of Huge Insurance Fees F R A N C E BOURGOGNE BOUCHE: Court Orders Liquidation COMPAGNIE GENERALE: Ratings Confirmed at Ba2/Ba3 MARIONNAUD PARFUMERIES: AS Watson Completes Takeover MONECOM SARL: Reorganization Gets Court Approval G E R M A N Y AGIV REAL: Mulls EUR197 Mln Suit Against Former Owner BERNINI GMBH: Court Appoints Dr. Winfrid Andres Administrator COGNIS GMBH: Outlook Revised to Negative CONIT LUFTTECHNIK: Creditors Meeting Set June FLIESEN JOHANNA: Creditors Claims Due Next Month GKL GRUNDSTUCKSGESELLSCHAFT: Mannheim Court Confirms Bankruptcy GUNTER RAUSCH: Creditors Claim Due May GUSTAV STANGE: Proofs of Claim Due June HOLZBAU REGEN: Creditors Have Until May to File Claims JENOPTIK AG: Ratings Affirmed Over Engineering Unit's IPO Plan KARSTADTQUELLE AG: Fashion Arm to Close Four Outlets LEICA CAMERA: Foresees EUR12.8 Million Operating Loss LEICA CAMERA: Mulls Reducing Capital by EUR10 Mln NORDBADISCHE TRANSPORTE: Under Bankruptcy Proceedings PAFAMAX BRANDSCHUTZTECHNIK: Declared Insolvent WIBU KLIMAANLAGEN: Under Bankruptcy Proceedings H U N G A R Y MALEV HUNGARIAN: Six Bidders Home in on Ailing Carrier K Y R G Y Z S T A N CEMENS-SELLING: Deadline for Creditors' Claims June 7 KURULUSH-BANK: Selling Office Furnishings, Cars Next Week KYRGYZSERVISKONTRAKT: Sets Public Auction of Assets April 26 OATURN: Gives Creditors Until June to Prove Claims L U X E M B O U R G MILLICOM INTERNATIONAL: Pakcom Renews License in Pakistan N E T H E R L A N D S HOLLAND EXEL: New Owner to Jumpstart Group Through Arkefly ROYAL SHELL: Forms US$23 Mln Joint Venture with China's SAGC N O R W A Y NORTHERN OFFSHORE: Permanently Delists from Oslo Bors PAN FISH: Reducing Capital to Cover Losses PAN FISH: Refinancing via NOK500 Mln Debt Conversion R U S S I A CARBON: Bankruptcy Proceedings Begin FRUNZENSKIY WOOD-PROM-KHOZ: Proofs of Claim Deadline May 19 KARASEVSKIY: Bankruptcy Hearing Resumes Next Month KYZYLSKIY MEAT: Declared Insolvent RAY-GOROD-STROY: Undergoes Bankruptcy Supervision Procedure REINFORCED CONCRETE: Ulyanovsk Court Appoints Insolvency Manager SIBAYSKIY FACTORY: Under Bankruptcy Supervision SPETS-TRANS-SERVICE: Hires A. Sobitnyuk as Insolvency Manager UNITED THERMAL: Gives Creditors Until May to File Claims VICHUG-SNAB: Declared Insolvent YUKOS OIL: Igor Chernov Named CEO of Siberian Joint Venture YUKOS OIL: Abandons Appeal of Bankruptcy Ruling S P A I N ADRA EMPRESA: Declares Bankruptcy GENEROS FERRYS: On the Brink of Receivership S W I T Z E R L A N D SWISS INTERNATIONAL: To Renew Labor Deal with Swiss Pilots U K R A I N E CHAPAYEVSKE: Claims Filing Period Ends Next Week DEKADA: Poltava Court Opens Bankruptcy Proceedings ENGINEERING: Liquidator Takes over Helm GLAVANBUDMATERIALI: Under Bankruptcy Supervision LIK-X: Last Day for Filing Claims April 25 MIKROTEST: Creditors' Claims Due Next Week ORIGINAL: Bankruptcy Supervision Starts SANTARES-ARES: Gives Creditors Until Next Week to File Claims SILGOSPTEHNIKA: Succumbs to Insolvency U N I T E D K I N G D O M ACE INVESTMENTS: Sets General Meeting Next Month A. H. ISLINGTON: In Administrative Receivership A.S. & R.E.: Liquidator from Smith & Williamson Moves in AXIS (GLOBAL): Appoints Pure Recovery Administrator BEECHTREE CORPORATE: Administrators from Grant Thornton Move in BISHOPSWOOD HOUSE: Deadline for Proofs of Claim Set Next Month CENTRAL HYDRAULICS: Names Moore Stephens Administrator COBURG DIRECT: Creditors to Meet Next Week COUNTRY CARE: Final General Meeting Set Third Week of May COURTS PLC: To Sell Malaysian Subsidiary, Report Says CREMATORIA INVESTMENT: General Meeting of Members Set May DAMOVO GROUP: EUR350 Million Senior Secured Notes Rated 'CCC+' DURSLEY STEEL: Calls in Administrators from Numerica EUROTUNNEL PLC: Total Revenue Up 2% in First Quarter EXY GROUP: Creditors Meeting Set Next Week FREEMAN INTERACTIVE: Members General Meeting Set May F S I GROUP: Members Final Meeting Set Next Month GHE REALISATIONS: Creditors Meeting Set Next Week GLOBEHAVEN LIMITED: Restaurant Calls in Administrator from RE10 GRANGE SEYMOUR: Calls in Administrators from BDO Stoy Hayward IT IMAGE: Creditors Meeting Set Next Week JARVIS PLC: Debt Swap Negotiations Begin LEGG MASON: Appoints Tenon Recovery Liquidator MALABAR CAPITAL: Members Call in Deloitte & Touche Liquidator NORFISH SEAFOODS: Members Final Meeting Set Next Month NOVEM CAR: Interior Design Company Calls Meeting in May PHOENIX VENTURE: Calls in Administrators from PwC PHOENIX VENTURE: Administrators to Close Three Outlets P & H PROPERTIES: Appoints BDO Stoy Hayward Liquidator PREMIER PALLETISE: Grant Thornton Administrators Move in RICHARD WILD: Hires Marks Bloom as Administrator TRIDENT FASHIONS: Menswear Retailer Names Administrator TURNKEY U.K.: Winding-up Report Due Second Week of May VEDANTA RESOURCES: Plans to Develop Konkola Copper Mines WHEEL (UK): Calls in Joint Administrators from Begbies Traynor ********* =========================== C Z E C H R E P U B L I C =========================== CZECH AIRLINES: 40 Offer to Bankroll Plane Procurement Program -------------------------------------------------------------- Czech Airlines is giving potential financiers until June to submit their offer in relation to the carrier's plan to purchase 12 new planes from Airbus SAS, The Prague Post says. The national carrier opened the tender April 6. CSA specified that bidders must have an equity of at least EUR4 billion (US$5.3 billion CZK120 billion), and experience in similar transactions. So far, more than 40 international investors have responded. Bidders include major banking houses such as HSBC, ABN Amro, Citigroup, Deutsche Bank and the European Investment Bank (EIB), as well as local banks Ceska sporitelna, CSOB, Komercni banka and Zivnostenska banka. CSA expects to choose a financing structure and winning bidder by the end of July. Talks will follow so that funds may be made available at the end of February 2006. CSA is considering four options: financial and operational leasing, going public, and obtaining loan from EIB. EIB, though, can only provide 50% of the investment project. Executive director for strategic planning, Jan Vana, said the airline would likely combine several methods of financing. President Jaroslav Tvrdik said the funding will be spread over 12 to 15 years. CONTACT: CESKE AEROLINIE a.s. Prague Ruzyni Airport 160 08 Prague, 6, Czech Republic Phone: +42 220 104 310 Fax: +42 224 81 04 26 Web site: http://www.csa.cz IPB: CKA Wins Favorable Ruling on J Ring Claim ---------------------------------------------- The arbitration court has ordered CSOB, owner of IPB, to return questionable claims it has sold to state-run bailout agency, CKA, spokesman Jiri Pekarek told Pravo daily. The claim is held by IPB against J Ring company. CSOB is return CZK1.6 billion to CKA in relation to this. A dispute between the companies arose after EC Group, which bought the claims from CKA in 2002, returned the purchase saying it was non-existent. As a result, CKA was forced to reduce the claim's total price by some CZK400 million. CSOB expects to recover the money by asking from the Finance Ministry the guarantees provided by the government upon its takeover of IPB, spokesman Milan Tomanek said. According to him, CKA's losses would be offset from the amount it will get. CONTACT: IPB A.S. 6410 V Celnici 10 Praha 1 117 21 Phone: 221033131 Fax: 221033150 Web site: http://www.ipbanka.cz * Czech Travel Firms Winding up in Face of Huge Insurance Fees -------------------------------------------------------------- The cost of insurance against potential bankruptcy of travel agencies in the Czech Republic is eating up the sector, according to daily Hospodarske noviny. A mandate is up requiring travel operator to be insured by mid-April. Czech travel agencies are changing status to avoid paying mandatory insurance; some are winding up. "Last year, some 946 travel agencies were insured before the main season. Their number has dropped to 752 by now," said Mag Consulting analyst Jaromir Beranek. Experts expect their number to continue to decrease in the coming years. Czech Republic has a competitive network of travel agencies with 13,000 inhabitants per agency. =========== F R A N C E =========== BOURGOGNE BOUCHE: Court Orders Liquidation ------------------------------------------ The Commercial Court of Dijon placed Bourgogne En Bouche SARL into judicial liquidation on April 1, 2005. Liquidator Jean-Joachim Bissieux has been appointed to facilitate the sale of company's assets. Proofs of claim must be submitted to the liquidator as soon as possible. CONTACT: BOURGOGNE EN BOUCHE SARL 17, route de Dijon 21320 Pouilly-en-Auxois Jean-Joachim Bissieux 36, rue Jeannin 21000 Dijon COMPAGNIE GENERALE: Ratings Confirmed at Ba2/Ba3 ------------------------------------------------ Moody's Investors Service confirmed the existing ratings for Compagnie Generale de Geophysique (CGG) as: (a) Senior Implied rating of Ba2; and (b) Ba3 Rating of the remaining outstanding 10 5/8% Senior Unsecured Notes due in November 2007. The outlook for all ratings is stable. Moody's has also assigned a senior unsecured issuer rating of Ba3 to CGG and a rating of (P)Ba3 to the proposed new Senior Notes of US$150 million due May 2015. This new Senior Notes rating is subject to final documentation. The new notes will refinance the existing 10 5/8% notes due November 2007, which are expected to be fully redeemed in May 2005. Once the 2007 notes have been repaid their rating will be withdrawn. This rating action concludes the rating review originally initiated in September 2004. The current ratings reflect these key strengths and weaknesses of the group: Strengths: (a) Improving industry fundamentals especially in respect of demand for marine seismic services and equipment products; (b) The company is one of the four largest players in the seismic services industry and the world leader in seismic equipment manufacturing; (c) Record order backlog levels; (d) Effective and transparent management of the multi-client business; (e) Relatively conservative financial parameters (Total Debt/EBITDA of 2.64x, EBITDA-capex/Net cash interest expense of 4.3x); (f) High barriers to entry for the Marine services and equipment businesses; (g) Reduced debt leverage and anticipated improving free cash flow going forward; (h) The proposed senior notes transaction is expected to lower significantly the cost of balance sheet debt for the company; and (i) Modest improvement in operating margins. Not withstanding the above positive factors the ratings remain constrained primarily by these industry and fundamental weaknesses: (a) High cyclicality in the seismic industry (currently mitigated by an improving sector outlook); (b) The risk of over capacity potentially developing in the marine seismic sector during cyclical downturns; (c) Very poor performance of the Land business unit which requires further restructuring work and expenditure in 2005/2006 with no guarantee of sustainable recovery; (d) High technological risk that could threaten the group's current leadership in equipment manufacturing; (e) Exposure to US$/Euro exchange rate fluctuations; (f) Continuous need for high capital expenditure and R&D spend, especially in the equipment manufacturing and in the data processing segments; and (g) Low barriers to entry for the increasingly commoditised Land services sector; The key drivers of business volumes for the seismic industry are the oil price and the associated level of exploration activity of upstream and integrated oil companies. Currently, high oil prices and the oil majors' need to make up for the past 3 years of reduced seismic exploration activity are stimulating increased demand for all of the core business segments of CGG (seismic analysis services and equipment, processing and reservoir management). Despite rising sales, the Land business unit is experiencing extreme pricing pressure and consequently shrinking margins, reflecting the increasing commoditization of on-shore seismic services and intensifying competition from local operators. This business unit began a rigorous restructuring process at the end of 2003 and a radical change in the business model has been implemented. A strategic decision has been taken to shift the division to a local partnership and joint-venture based operating structure in order to dramatically reduce the high level of external costs, improve efficiency and increase access to experienced local crews and expertise. To date, realized costs savings are encouraging, however operating losses remain high and caused a significant negative impact on CGG group profitability in 2004. The outlook for the Land business is currently uncertain. More positively, the marine services sector is seeing a rebound in demand for higher margin multi-client surveys and the lower risk exclusive surveys business. Sercel (the global market leader in the manufacture of both marine and onshore seismic equipment and technology) continues to realize significant year on year sales and margin growth reflecting the "push market" nature of this business, which is essentially driven by new technological advances. The data processing and reservoir management unit is also making sales progress, although margins have historically been erratic. The issue of the proposed new notes is expected to reduce interest expense by virtue of an anticipated lower coupon than currently being paid on the 2007 notes. The new notes will also establish a longer-term core funding base for the group with a proposed tenor of 10 years. Outstanding senior debt has also reduced following the partial prepayment of the existing notes following the issue of a subordinated convertible bond in the latter part of 2004. Structural Considerations The new notes will be issued by CGG and are expected to benefit from upstream guarantees from certain operating subsidiaries based in the U.S., Canada, Australia and Norway. The guarantees will be on an unsecured senior basis. The guarantor group contributed approximately 49% of CGG group ORBDA in 2004. Although the senior secured facility of the group of $60 million (currently undrawn) is not rated, it ranks ahead of the new notes as do any capital leases and other senior bank debt outstanding at operating company level. Moody's has therefore notched the new notes one level below the senior implied rating to reflect the existence of priority debt in the capital structure. Stable Outlook The stable outlook reflects CGG's strong market position coupled with improving operating performance of three of its four core business segments. Comfort is also taken from the perceived upward trend of the seismic services sector and the expectation that this will continue for the foreseeable future. Nevertheless, the poor performance of the loss-making Land business unit remains both a concern and a key rating constraint. Upward rating pressure could result from a sustainable improvement in operating margin and internal cash flow generation of the group as a whole, with an EBITDA (pre-multi client survey amortization) margin reaching a level of approximately 27% to 30%, further de-leveraging of the balance sheet to give a Total Debt/EBITDA ratio of circa. 1.0x and sustainable improvement in free cash flow to give a FCF/Net Debt ratio of around 15% to 20%. Downward rating pressure would result from deterioration in the Land business segment resulting in a further negative impact upon group operating margins and cash flows. Rising absolute debt and a reversal of the currently positive industry trends could also have a negative impact on the ratings. Compagnie Generale de Geophysique, headquartered in Massy, France, is a leading global seismic services provider and manufacturer of seismic equipment. CONTACT: MOODY'S INVESTORS SERVICE LTD. London David G. Staples Managing Director European Corporate Ratings For Journalists Phone: 44 20 7772 5456 London Susie Maidment Asst Vice President - Analyst European Corporate Ratings For Journalists Phone: 44 20 7772 5456 MARIONNAUD PARFUMERIES: AS Watson Completes Takeover ---------------------------------------------------- The Frydman family has sold its entire stake in troubled perfume group Marionnaud Parfumeries to AS Watson, Le Figaro says. According to the financial markets authority, Autorite Des Marches Financiers (AMF), AS Watson, owned by Asian tycoon Li Ka-Shing through his Hutchinson Whampoa conglomerate, has acquired 90.69% of the voting rights and shares in Marionnaud. The transaction earned the Frydman family around EUR534 million. The European Commission recently approved AS Watson's bid for all Marionnaud shares after concluding that a merger between the two groups would not result to unfair competition in the European perfume and cosmetics market. AS Watson operates retail chain stores offering food and household items, health and beauty products and consumer electrical goods in Europe and Asia. Marionnaud, meanwhile, retails luxury perfumes and cosmetics in France and other European countries. CONTACT: MARIONNAUD PARFUMERIES S.A. 5 Avenue de Paris 94300 Vincennes Phone: +33 (0) 1 48 08 69 69 Fax: +33 (0) 1 48 08 01 51 Web site: http://www.marionnaud.com MONECOM SARL: Reorganization Gets Court Approval ------------------------------------------------ The Commercial Court of Dijon placed Monecom SARL into judicial reorganization on April 5, 2005. SCP Cure-Thiebaut has been appointed to represent creditors during the company's observation period. Proofs of claim must be submitted to the creditor's representatives as soon as possible. CONTACT: MONECOM SARL 8, rue Paul-Verlaine 21000 Dijon SCP CURE-THIEBAUT 78, Avenue Victor-Hugo BP 81556 21015 Dijon cedex ============= G E R M A N Y ============= AGIV REAL: Mulls EUR197 Mln Suit Against Former Owner ----------------------------------------------------- Real estate group Agiv Real is considering demanding up to EUR200 million in compensation from banks involved in its merger with HBAG Real Estate three years ago, Handelsblatt reports. Agiv's targets are Germany's largest bank, Deutsche Bank, and BHF-Bank, which belongs to private bank Sal. Oppenheim. BHF-Bank sold a majority stake in Agiv to HBAG in 2002, while Deutsche Bank provided interim financing. BHF-Bank will have to bear the bulk of the demand as Agiv is planning to demand from it EUR197 million in claims. The report cites a law firm saying HBAG financed the transaction after gaining access to over EUR330 million of reserves held by Agiv. The amount was allegedly returned after the merger. The district court of Hamburg launched bankruptcy proceedings against Agiv Real Estate in February. Reinhard Titz was appointed provisional administrator. CONTACT: AGIV REAL ESTATE AG Warburgstrasse 50 D-20354 Hamburg Phone: +49-40 4 15 26-0 Fax: +49-40 4 15 26-199 Web site: http://www.agiv.de Reinhard Titz, Provisional Administrator Speersort 4-6 20095 Hamburg BERNINI GMBH: Court Appoints Dr. Winfrid Andres Administrator ------------------------------------------------------------- The district court of Dusseldorf opened bankruptcy proceedings against Bernini GmbH & Co. KG Einzelhandel on April 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until May 3, 2005 to register their claims with court-appointed provisional administrator Dr. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting on May 24, 2005, 9:00 a.m. at the district court of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 3.OG Altbau, A 341, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: BERNINI GMBH & CO. KG EINZELHANDEL Mittelstr. 8, 40213 Dusseldorf Contact: Kirenia Amador, Manager Bolkerstrasse 2, 40213 Dusseldorf Dr. Winfrid Andres, Administrator Neuer Zollhof 3, 40221 Dusseldorf COGNIS GMBH: Outlook Revised to Negative ---------------------------------------- Standard & Poor's Ratings revised its outlook on Germany-based specialty chemicals and intermediate manufacturer Cognis GmbH and related entity Cognis Deutschland GmbH & Co. KG (Cognis Deutschland) to negative from stable, owing to an expected weakening business position in certain end markets. The 'B+' long-term corporate rating on Cognis GmbH was affirmed. "The outlook revision reflects Standard & Poor's expectation of eroding business prospects for 2005 and thereafter," said Standard & Poor's credit analyst Tobias Mock. "In particular Cognis may find it challenging to restore its profitability and cash flow generation in line with the 'B+' rating, owing to a very high leverage, structural changes in several markets, capacity increases by competitors, higher prices for key raw materials (natural oils and petrochemicals), as well as unfavorable currency exchange rates," he added. The ratings on Cognis continue to be constrained by the group's very aggressive financial leverage following the LBO in late 2001 and subsequent refinancing transaction in May 2004, as well as Cognis Holding GmbH's issue of EUR530 million of floating rate pay-in-kind (PIK) notes in January 2005. Standard & Poor's considers these notes to be part of the rated group's overall debt burden. Positive rating factors include Cognis' strong diversification in end-markets and the high exposure to the home and personal care markets, which post above-average margins and face low volatility compared with the industrial markets that the chemical industry serves. "The negative outlook reflects Cognis' increased business risk due to ongoing structural changes in textile and leather chemicals as well as capacity increases of competitors in oleochemicals and the increased competition in those areas," said Mr. Mock. This could limit Cognis' power to pass on higher raw-material costs to the extent necessary to restore its highly leveraged financial profile. In addition, Cognis has relatively limited exposure to the fast-growing Asia-Pacific regions in these businesses, while in 2004 the trend accelerated for customers to move their production from Europe and Northern America to Asia. The potential for overall debt reduction is limited in the near term, especially taking into consideration the recently issued PIK notes and the deferred interest on them. Ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-mail Address CorporateFinanceEurope@standardandpoors.com CONIT LUFTTECHNIK: Creditors Meeting Set June --------------------------------------------- The district court of Kassel opened bankruptcy proceedings against Conit Lufttechnik GmbH on March 31. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until May 31, 2005 to register their claims with court-appointed provisional administrator Olaf Borner. Creditors and other interested parties are encouraged to attend the meeting on June 27, 2005, 10:30 a.m. at Saal 234, the district court of Kassel, Friedrichsstrasse 32-34, 34117 Kassel at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on July 18, 2005, 9:00 a.m. at the same venue. CONTACT: CONIT LUFTTECHNIK GMBH Ellenbacher Strasse 15, 34123 Kassel Contact: Ingrid Horch, Manager Olaf Borner, Administrator Bruder-Grimm-Platz 4, D-34117 Kassel Phone: 0561/71200-0 Fax: 0561/71200-30 FLIESEN JOHANNA: Creditors Claims Due Next Month ------------------------------------------------ The district court of Chemnitz opened bankruptcy proceedings against Fliesen Johanna Mannes GmbH on March 21. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until May 6, 2005 to register their claims with court-appointed provisional administrator Andreas Schenk. Creditors and other interested parties are encouraged to attend the meeting on June 21, 2005, 10:45 a.m. at the district court of Chemnitz, Saal 24, im Gerichtsgebaude, Furstenstrasse 21, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: FLIESEN JOHANNA MANNES GMBH Kaltes Feld 4, 08468 Heinsdorfergrund Contact: Johanna Mannes, Manager Andreas Schenk, Administrator Franz Mehring Str. 15, 08058 Zwickau GKL GRUNDSTUCKSGESELLSCHAFT: Mannheim Court Confirms Bankruptcy --------------------------------------------------------------- The district court of Mannheim opened bankruptcy proceedings against GKL Grundstucksgesellschaft mbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until May 6, 2005 to register their claims with court-appointed provisional administrator Matthias Kielwein. Creditors and other interested parties are encouraged to attend the meeting on June 20, 2005, 9:30 a.m. at the district court of Mannheim, 68149 Mannheim, Schloss, Westflugel, 1. Stock, Raum 232 at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: GKL GRUNDSTUCKSGESELLSCHAFT MBH Contact: Johannes Lappe, Manager Friedrich-Karl-Str. 14, 68165 Mannheim Matthias Kielwein, Administrator O6, 7, 68161 Mannheim Phone: 0621/1569830 GUNTER RAUSCH: Creditors Claim Due May -------------------------------------- The district court of Braunschweig opened bankruptcy proceedings against Gunter Rausch Sanitar und Heizungstechnik GmbH on March 16. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until May 11, 2005 to register their claims with court-appointed provisional administrator Manfred Siebke. Creditors and other interested parties are encouraged to attend the meeting on June 8, 2005, 10:45 a.m. at the district court of Braunschweig, An der Martinikirche 8, 38100 Braunschweig, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: GUNTER RAUSCH SANITAR UND HEIZUNGSTECHNIK GMBH Saarbruckener Strasse 250, 38116 Braunschweig Contact: Wolfgang Rausch, Manager Hamburger Strasse 36, 38116 Braunschweig Manfred Siebke, Administrator Damm 34, D-38100 Braunschweig Phone: (0531) 18088 Fax: (0531) 13532 GUSTAV STANGE: Proofs of Claim Due June --------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Gustav Stange Kraftfahrzeuge Heinz Pohl Motor Car GmbH on March 24. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 3, 2005 to register their claims with court-appointed provisional administrator Dr. Petra Hilgers. Creditors and other interested parties are encouraged to attend the meeting on May 19, 2005, 9:20 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report August 25, 2005, 9:55 a.m. CONTACT: GUSTAV STANGE KRAFTFAHRZEUGE HEINZ POHL MOTOR CAR GMBH Tempelhofer Weg 7,12099 Berlin Dr. Petra Hilgers, Administrator Goethestr. 85, 10623 Berlin HOLZBAU REGEN: Creditors Have Until May to File Claims ------------------------------------------------------ The district court of Leipzig opened bankruptcy proceedings against Holzbau Regen GmbH on March 31. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until May 23, 2005 to register their claims with court-appointed provisional administrator Rainer M. Bahr. Creditors and other interested parties are encouraged to attend the meeting on June 23, 2005, 10:15 a.m. at Saal 056, Amtsgericht Leipzig at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: HOLZBAU REGEN GMBH Gorlitzer Str. 11, 04129 Leipzig Contact: Matthias Regen, Manager Rainer M. Bahr, Administrator Nonnenstrasse 37, 04229 Leipzig JENOPTIK AG: Ratings Affirmed Over Engineering Unit's IPO Plan -------------------------------------------------------------- Fitch Ratings affirmed Jenoptik AG's ratings at Senior Unsecured 'B+' with Stable Outlook and Short-term 'B'. Jenoptik's EUR150 million senior notes are also affirmed at 'B+'. The affirmation follows Jenoptik's announcement that a substantial part of its facility engineering business, which is concentrated in M+W Zander Facility Engineering Limited (MWZ Singapore), would be separated by listing on the Singapore Stock Exchange. Fitch acknowledges that Jenoptik has made some progress in reducing its operational risk by separating the HVAC business earlier this year (sales of EUR550 million; 1800 employees) and the listing of the facility engineering business represents a further step in this direction. The facilities engineering business has been the major source of cyclicality for Jenoptik in the past; due to its heavy exposure to the semiconductor industry. The group has also re-confirmed its guidance at the EBIT level (EUR45 million to EUR60 million) and an EBITDA of approximately EUR100 million for 2004, mainly driven by increased demand from the electronics industry. However, the volatile facility engineering business will remain consolidated in Jenoptik's accounts as long as M+W Zander Holding AG continues to hold the majority of the shares in MWZ Singapore; and hence Fitch does not expect the group debt to be materially affected by this transaction. Fitch also notes that the facilities engineering activities have benefited from strong cash-advances in the past, to which Jenoptik may have no direct access after the listing, but will have to rely on dividends being channeled from its majority-controlled subsidiary. Fitch will review Jenoptik's rating, based on the full year 2004 results and additional information regarding the planned IPO that will be made available later this month to early May. CONTACT: FITCH RATINGS Karsten Frankfurth, Frankfurt Phone: +49-69-7680-76170 Raymond Hill, London Phone: +44 207 417 4314 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 KARSTADTQUELLE AG: Fashion Arm to Close Four Outlets ---------------------------------------------------- The fashion chain unit of KarstadtQuelle AG, SinnLeffers, will shut down four of its 51 stores in a bid to cut costs, says Frankfurter Allgemeine Zeitung. SinnLeffers said the stores are likely to remain unprofitable, making them a burden to the group's cost-cutting program. Three of the chains will be closed by yearend. SinnLeffers added it will re-absorb 270 employees affected by the closure, avoiding as many redundancies as possible. The unit, however, has yet to determine the number of people to be made redundant. SinnLeffers currently employs around 3,000 people. SinnLeffers is one of the subsidiaries KarstadtQuelle has been trying to dispose to focus on its core activities. Other KarstadtQuelle units for sale are specialty chains Runners Point and Golf House. The retail giant said these chains do not have a good positioning in their market segments. CONTACT: KARSTADTQUELLE AG Theodor-Althoff-Str. 2 D-45133 Essen Phone: +49-201-727-1 Fax: +49-201-727-5216 Web site: http://www.karstadtquelle.com LEICA CAMERA: Foresees EUR12.8 Million Operating Loss ----------------------------------------------------- The Leica Camera Group expects to close fiscal year 2004/2005 (FY ended March 31) with an operating result of -EUR12.8 million, instead of the -EUR10 million previously announced. The extraordinary loss amounts to EUR2.7 million, which is EUR1.3 million below the forecast figure announced in the Company's 2003/2004 annual report. The reasons for the change in the operating result are the costs incurred in establishing the Company's turnaround and financing strategy, the higher expenditure for the foundation of the strategically important Japanese sales company, as well as the additional provisions against possible risks arising from the Company's obligations vis-a-vis its suppliers to take delivery. CONTACT: LEICA CAMERA AG Oskar-Barnack-Strasse 11 35606 Solms Deutschland Web site: http://www.leica-camera.com LEICA CAMERA: Mulls Reducing Capital by EUR10 Mln ------------------------------------------------- The Supervisory Board of Leica Camera AG unanimously and jointly proposed measures with the Board of Management to restore the capital base of the Company and to finance a restructuring. A simplified capital reduction by EUR10.0 million to EUR1.5 million will be proposed to the shareholders of the Company. Each three no-par-value shares are to be combined into one no-par-value share. Simultaneously, the capital reserve amounting to EUR4.2 million will be released. Both measures will be implemented in order to offset depreciation and other losses totaling EUR14.2 million. Following the capital reduction it will be proposed to the Extraordinary General Meeting to increase the share capital to up to EUR15 million by issuance of up to 13.5 million new no-par-value bearer shares. The new no-par-value shares are to be issued at an issue price of EUR1.70 per no-par-value share and to be initially offered for subscription to the shareholders at a ratio of 1:9. In addition, an authorized capital is to be created. The text of the invitation to the General Meeting of Leica Camera AG to be held on May 31, 2005 will be immediately published in the electronic Federal Gazette (Elektronischer Bundesanzeiger). The Chairman of the Board of Management of Leica Camera AG, Ralf Coenen, 43, resigned from the Board of Management in mutual agreement. The Supervisory Board of Leica Camera AG has appointed Dr. Josef Spichtig, 61, as interim Chairman of the Board of Management effective from April 18, 2005. The new Chairman of the Board of Management has a long experience in the management and consulting of businesses, also in phases of restructuring. A Swiss, Dr. Spichtig has a scientific and a managerial education. CONTACT: LEICA CAMERA AG Oskar-Barnack-Strasse 11 35606 Solms Deutschland Web site: http://www.leica-camera.com NORDBADISCHE TRANSPORTE: Under Bankruptcy Proceedings ----------------------------------------------------- The district court of Heidelberg opened bankruptcy proceedings against Nordbadische Transporte Dieter Emde GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until May 20, 2005 to register their claims with court-appointed provisional administrator Markus Ernestus. Creditors and other interested parties are encouraged to attend the meeting on June 10, 2005, 12:00 noon at the district court of Heidelberg, 69115 Heidelberg, Kurfurstenanlage 21, EG, Saal 12 at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: NORDBADISCHE TRANSPORTE DIETER EMDE GMBH Lessingstr. 45, 69214 Eppelheim Contact: Dieter Emde, Manager Horst Emde, Manager Markus Ernestus, Administrator O 3, 11+12, 68161 Mannheim Phone: 0621/16680 Fax: 0621/166811 PAFAMAX BRANDSCHUTZTECHNIK: Declared Insolvent ---------------------------------------------- The district court of Kassel opened bankruptcy proceedings against PAFAMAX Brandschutztechnik GmbH on May 31, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 17, 2005 to register their claims with court-appointed provisional administrator Helmut Achenbach. Creditors and other interested parties are encouraged to attend the meeting on June 22, 2005, 9:30 a.m. at Saal 234, Amtsgericht Kassel, Friedrichsstrsssse 32-34, 34117 Kassel at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on July 20, 2005, 9:30 a.m. at the same venue. CONTACT: PAFAMAX BRANDSCHUTZTECHNIK GMBH Ellenbacher Strasse 15, 34123 Kassel Contact: Ingrid Horch, Manager Ihringshauser Strasse 105, 34125 Kassel Helmut Achenbach, Administrator Wilhelmshoher Allee 169, D-34121 Kassel Phone: 0561/9324444 Fax: 0561/9324445 WIBU KLIMAANLAGEN: Under Bankruptcy Proceedings ----------------------------------------------- The district court of Baden-Baden opened bankruptcy proceedings against WIBU Klimaanlagen GmbH on March 29. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until May 6, 2005 to register their claims with court-appointed provisional administrator Dr. Ferdinand Kiessner. Creditors and other interested parties are encouraged to attend the meeting on June 6, 2005, 10:40 a.m. at the district court of Baden-Baden, 76532 Baden-Baden, Gutenbergstr. 17, EG Raum 022, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: WIBU KLIMAANLAGEN GMBH Contact: Helmut Friedmann and Klaus Hollederer, Managers Daimlerstr. 13, 77815 Buhl Dr. Ferdinand Kiessner, Administrator 77855 Achern, Eisenbahnstr. ============= H U N G A R Y ============= MALEV HUNGARIAN: Six Bidders Home in on Ailing Carrier ------------------------------------------------------ Of the 14 interested investors in loss-making national carrier Malev Hungarian Airlines, experts believe only six are serious bidders, Budapest Business Journal says. They include Krasair, Argus Capital, Air Europe, Euroinvest, Aviation Solution and an unidentified Portuguese group. Aviation Solution, a company led by former Malev CEO Ferenc Kovacs, had participated in the government's first privatization tender but failed to win. Mr. Kovacs' group offers to cover more routes in the region if successful. State privatization agency APV had declared the latest bidding for the government's 99.9% stake a failure after bidders failed to meet its expectations. APV is now holding direct negotiations with potential buyers. The failed privatization attempt is the second in less than six months and the fourth since Hungary rejected communism in 1990. Bidders reportedly offered only HUF150-200 million for the stake and refused to shoulder the bulk of the carrier's HUF35 billion debt. CONTACT: MALEV HUNGARIAN AIRLINES Hotline: 06-40-212121 Web site: http://www.malev.hu ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.) H-1133 Budapest, Pozsonyi ut 56 Phone:(36 1) 237 4400 Fax:(36 1) 237 4100 E-mail: apvrt@apvrt.hu Web site: http://www.apvrt.hu/english/m3.html =================== K Y R G Y Z S T A N =================== CEMENS-SELLING: Deadline for Creditors' Claims June 7 ----------------------------------------------------- LLC Cemens-Selling, which recently became insolvent, will accept all proofs of claim until June 7, 2005 at Bishkek, Toktogula Str. House 62. For more information, call (0-312) 64-06-11. KURULUSH-BANK: Selling Office Furnishings, Cars Next Week --------------------------------------------------------- The Agency for Reorganization of Banks and Restructuring of Debts will sell JS Commercial Bank Kurulush-Bank's properties on April 25, 2005, 10:00 a.m. The public auction will take place at Bishkek, Shopokova Str. 89. For sale are five lots of bank and office equipment, and Volvo cars. For more information, call (0-312) 28-08-53. KYRGYZSERVISKONTRAKT: Sets Public Auction of Assets April 26 ------------------------------------------------------------ The bidding organizer and insolvency manager of JSC Kyrgyzserviskontrakt will sell the company's properties on April 26, 2005, 10:00 a.m. The public auction will take place at Bishkek, Lyva Tolstogo Str. 210. For sale are five lots of transformers, water reservoir, shed, and pumping equipment. To participate, bidders must deposit an amount equivalent to 10% of the starting price to the cashier of Kyrgyzserviskontrakt. Bids must be submitted to the temporary insolvency manager on or before April 25, 2005. For more information, call (0-312) 64-82-51. OATURN: Gives Creditors Until June to Prove Claims -------------------------------------------------- Joint Enterprise Oaturn, which recently became insolvent, will accept all proofs of claim until June 7, 2005 at Djalal-Abad region, Alabuka. For more information, call (0-3741) 2-13-83. =================== L U X E M B O U R G =================== MILLICOM INTERNATIONAL: Pakcom Renews License in Pakistan --------------------------------------------------------- Millicom International Cellular S.A. (Nasdaq Stock Market: MICC, Stockholmsborsen and Luxembourg Stock Exchange: MIC), on Monday said that its subsidiary Pakcom agreed with the Pakistan Telecommunications Authority (PTA) for the renewal of its license for 15 years. The payment terms are similar to the terms agreed in 2004 by Paktel, Millicom's other subsidiary in Pakistan. Pakcom will pay a license fee of $291 million, with 50% payable over three years and the remaining 50% payable over the following ten years. The company paid the first down payment for the license April 18. Pakcom is still in negotiations with the PTA with regard to the allocation of spectrum. Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has a total of 17 cellular operations and licenses in 16 countries. The Group's cellular operations have a combined population under license of approximately 399 million people. * * * In February, Millicom reported profit of US$25.9 million for the fourth quarter of 2004 compared with a loss of US$10.2 million in the same period a year ago. CONTACT: MILLICOM INTERNATIONAL CELLULAR S.A. Marc Beuls President and Chief Executive Officer Phone: +352 27 759 327 Web site: http://www.millicom.com ANDREW BEST Investor Relations Phone: +44 20 7321 5022 ===================== N E T H E R L A N D S ===================== HOLLAND EXEL: New Owner to Jumpstart Group Through Arkefly ---------------------------------------------------------- German travel operator TUI, considered the largest in Europe, has acquired ailing carrier Holland Exel, Borsen Zeitung says. Following the acquisition, Holland Exel would be renamed Arkefly, after one of TUI's brand names in the country. TUI will launch Arkefly using Holland Exel's four Boeing 767-300s, leased from a U.S. group. The travel operator is currently negotiating the terms of the lease. TUI will also absorb majority of Holland Exel's employees. TUI revealed it paid a seven-digit amount to acquire Holland Exel. The amount includes a EUR3 million bridging loan that TUI granted Holland Exel when the carrier was on the verge of bankruptcy. With the takeover, TUI is now locked in a one-on-one battle with Air France-KLM, which currently dominates the Dutch market for holiday flights. TUI expects Arkefly to carry 400,000 passengers yearly to Turkey, Greece, Tenerife, Egypt, Gambia, the Dominican Republic, Cuba, Jamaica, Mexico, Brazil, Sri Lanka and Curacao. CONTACT: TUI AG Karl-Wiechert-Allee 4 D-30625 Hanover, Germany Phone: +49-511-566-00 Fax: +49-511-566-1098 Web site: http://www.tui.com ROYAL SHELL: Forms US$23 Mln Joint Venture with China's SAGC ------------------------------------------------------------ The Shanghai Automotive Group Company Limited (SAGC) and Royal Dutch/Shell Group of Companies plan to launch a new joint venture to develop fast lube service facilities for motorists in China. The new joint venture, Anji Jiffy Lube Automotive Services Company Limited, will start building a network of fast lube service outlets this year modeled on the pioneering Jiffy Lube chain in North America. The outlets, which will offer motorists convenient, high quality Jiffy Lube branded preventive maintenance services, will be a new concept in car maintenance in China. Shanghai Automotive Industry Sales Corporation (SAISC), a subsidiary of SAGC, has a 50% share of the joint venture, and Shell China Holdings B.V. and Shell (China) Limited hold a 40% share and 10% share, respectively. The total investment of the joint venture is US$23 million. The joint venture expects to develop about 10 pilot outlets in Shanghai within the first year of operation, using this experience to plan for expansion in Beijing and elsewhere in China. The outlets will be named "Jiffy Lube Automotive Preventive Maintenance Centre" and will also display Jiffy Lube and Anji logos. Its lubricants products will be mainly provided by Shell. By 2015, the joint venture aims to have developed a network of more than 600 outlets across China and become a leading provider of automotive preventive maintenance services for the motorists in China. The targets reflect the significant growth in vehicle population in China, which already has 23 million vehicles on the road. In terms of new car sales each year, China is now the third largest in the world, after the U.S. and Japan. The Chinese automotive after-sales market is also growing very rapidly as a result of the rapid increase in its car population. The strategic partnership is the first of this kind in China between an energy company and an auto manufacturer. SAGC is one of the largest automobile makers in China while Shell Lubricants is a global leader in finished lubricants. Shen Jianhua, Vice President of SAGC, said: "The launch of the joint venture will provide growth value for the sales of SAISC in future car service and trade areas. Meantime it also has strategic significance in elevating the Anji brand in the national auto after-sales service areas." David Pirret, CEO of Shell Lubricants, said: "The strength of this partnership lies in the experience that each party brings to the joint venture. SAIC provides a high profile and expertise in the Chinese motoring market, while we offer premium quality Shell Helix lubricants and Jiffy Lube, the leading brand in automotive preventive maintenance services in North America, as well as the technology and experience of running a successful fast lubes operation for 25 years. This partnership enables us to continue our downstream growth in the service industry and expand into a brand new market." CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com =========== N O R W A Y =========== NORTHERN OFFSHORE: Permanently Delists from Oslo Bors ----------------------------------------------------- On December 15, 2004, Oslo Bors' Board of Directors decided to extend the period of temporary de-listing for Northern Offshore Ltd. until April 5, 2005. As of 4 April 2005 Oslo Bors has not received any documentation required to re-list the company nor information that the Company will work to fulfill the requirements for re-listing. In accordance with the authority granted by the Board of Directors on 15 December 2005, Oslo Bors management consequently made this decision: "Oslo Bors has in accordance with the Stock Exchange Regulations of S 25-3 third paragraph decided to permanently de-list the shares of Northern Offshore Limited with effect from 5 April 2005. "The decision may be appealed to the Stock Exchange Appeals Committee within two weeks of receipts of the decision. "Oslo Bors thanks Northern Offshore Ltd. for its cooperation and welcomes the company back at a later time." * * * In July, the Supreme Court of Bermuda appointed Mike Morrison from KPMG Financial Advisory Services Ltd. in Bermuda and Philip Wallace from KPMG LLP in the U.K. as provisional bankruptcy managers of Northern Offshore. CONTACT: KPMG Crown House 4 Par la Ville Hamilton, HM 08 Bermuda Phone: +1 (441) 295-5063 Fax: +1 (441) 295-9132 E-mail: kpmg@kpmg.bm KPMG 8 Salisbury Square London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk PAN FISH: Reducing Capital to Cover Losses ------------------------------------------ The Board of Directors of Pan Fish A.S.A. calls shareholders to a General Meeting on 9 May 2005 at 10:00 a.m. at its office in Maskinveien 32, Stavanger. These items have been submitted for consideration: (a) Election of a person to sign the minutes, (b) Approval of the summons and agenda, (c) Approval of the annual accounts and annual report for 2004, (d) Establish the compensation to the Board of Directors, (e) Approval of the Auditor's fee, (f) Election of board members, (g) Election of members of the election committee, (h) A brief orientation about the refinancing and why the refinancing is needed, (i) Recommendation regarding reduction of share capital It is a necessary element in the recommended refinancing of the Company, that the Company's share capital be reduced by reducing the nominal value per share from NOK2.00 to NOK0.75 through a capital reduction in order to cover losses that cannot be covered in any other way, and through a capital reduction by transfer to other equity capital. Implementation of any decisions in respect of items 9b), 10 and 11 below, is contingent upon having obtained a signed refinancing agreement prior to the Shareholders' Annual Meeting between the Company and the banks; the lenders of the so-called syndicate loan, and that Nordea Bank Norge A.S.A. has received confirmation from Oslo Bors (Norwegian Stock Exchange) that the conversion to shares will not trigger an obligation to sell. The Auditor's confirmation pursuant to Section 12.2 of the Companies Act is incorporated into the Summons as Attachment 1. Capital Reduction to Cover Losses As shown in the annual accounts for 2004 the Company has uncovered losses of NOK550,213,000. The amount is sufficient to cover a capital reduction of NOK527,415,228.90 through a reduction of the share nominal value from NOK2.00 to NOK0.95 per share. This capital reduction can be implemented without notice to the creditors pursuant to the Companies Act section 12.1.1.1, ref. section 12.5.1. On this background the Board recommends that Shareholders' General Meeting decides as: (i) The share capital is reduced by NOK527,415,228.90 from NOK1,004,600,436 to NOK477,185,207.10 by reducing the share nominal value from NOK2 to NOK0.95; (ii) The reduction amount shall be used to cover losses that cannot be covered in any other way; and (iii) Article 4 is amended to: "The Company's share capital is NOK477,185,207.10 distributed on 502,300,218 shares, each with a nominal value of NOK0.95." Capital Reduction to Cover Additional Losses and Transfer to Other Shareholders' Equity In order to achieve flexibility in respect of the refinancing, the Board recommends that the share nominal value be additionally reduced from NOK0.95 to NOK0.75 through a capital reduction where: (i) NOK22,797,771.10 of the reduction amount is used to cover the Company's remaining losses that cannot be covered in any other way, and (ii) NOK 77,662,272.50 of the reduction amount is transferred to reserves that shall be used for purposes decided by the Shareholders' General Meeting, ref. the Companies' Act section 12.1.3. The Board recommends that the latter part of the reduction be transferred to other shareholders' equity. Also the reduction accomplished through transfer to other shareholders' equity can be done without notice to creditors, provided the Company together with the notice of the capital reduction also notifies that the share capital is increased by new subscriptions for shares against deposits, so that the Company's restricted equity capital is at least as high as before this part of the reduction. This condition will be satisfied if the share issue recommended in item 11 below is implemented. The implementation of the capital reduction in accordance with this item b) is therefore conditional on a factual implementation of the share issue in item 11 On this background the Board recommends that the Shareholders' General Meeting decides as: (i) The share capital is reduced by NOK100,460,043.60 from NOK477,185,207.10 to NOK376,725,163.50 by reducing the Share nominal value from NOK0.95 to NOK0.75; (ii) NOK22,797,771.10 of the reduction amount shall be used to cover losses that cannot be covered in any other way, while the remaining NOK77,662,272.50 will be transferred to other shareholders' equity; At the same time as the capital reduction, a share issue will be implemented with the result that the Company's restricted equity capital is at least as high as before the last mentioned part of the capital reduction; (iii) This decision is conditional on actual implementation of the public share issue recommended in item 11 below; and (iv) Article 4 is amended to: "The Company's share capital is NOK376,725,163.50 distributed on 502,300,218 shares, each with a nominal value of NOK0.75." (j) The capital increase is a private placing to Nordea\Bank Norge A.S.A. and DnB NOR Bank A.S.A. settled by reduction of bank debt The recommended refinancing also implies that Nordea Bank Norge A.S.A and DnB NOR Bank A.S.A. shall convert NOK500 million of the Company's debt to equity capital, provided the Company at the same time implements a cash issue of NOK200 million. The subscription price shall correspond to the subscription price determined by the Board in the public issue, the implementation of which is recommended in item 11 below, and the number of shares issued to Nordea Bank Norge A.S.A. and DnB NOR Bank A.S.A. will depend on the subscription price thus determined. Because the issue is made to Nordea Bank Norge A.S.A. and DnB NOR Bank A.S.A., it is necessary to wave the existing shareholders' preference right to subscribe, ref. The Company's Act sections 10.4 and 10.5. According to the recommended refinancing, however, there will also be implemented a public issue where other shareholders will be able to participate. The Company's other shareholders will be preferred in case the issue is oversubscribed. Pursuant to the Companies' Act section 10.2, ref. section 2.6, an expert statement of the banks' settlement is incorporated into the summons as Attachment 2. On this background the Board recommends that the Shareholders' General Meeting decides as: (i) The share capital is increased by a minimum of NOK150,000,000 and a maximum of NOK375,000,000 through an issue of minimum 200,000,000 and maximum 500,000,000 shares, each with a nominal value of NOK0.75. The final number of shares to be issued will be determined when the Board has decided the subscription price in accordance with item 4 below, and such number of shares shall correspond to the number of shares obtained by dividing NOK500 million with the subscription price thus decided. Pursuant to the Companies' Act section 10.1.2.1, the Board can at its discretion make a final decision as to the amount of increase in the share capital when the subscription price has been determined; (ii) Existing shareholders' preference rights pursuant to the Companies Act section 10.4 are waived. The shares are subscribed by Nordea Bank Norge A.S.A. and DnB NOR Bank A.S.A. under the same internal circumstances as their respective shares of the so-called syndicate loan; (iii) The subscription price shall be minimum NOK1.00 and maximum NOK2.50 and shall correspond to the subscription price decided by the Board in the public issue described in item 11 below. Pursuant to the Companies Act section 10.1.2.3, the Board has authority to decide the subscription price within these parameters. The subscription amount shall be settled through a set-off against a corresponding part of the Company's debt to the subscribers according to the so- called syndicate loan, ref. the Companies Act section 10.2.1.1; (iv) The shares are subscribed the day following the end of the subscription period in the public issue provided this issue is fully subscribed, but no later than 3 June 2005. The subscription is contingent upon the Company's obtaining gross proceeds of NOK200 million through the issue described in item 11, and the settlement [offset] will therefore be contingent upon, and will only be implemented after, the Company's auditor's written confirmation to the subscribers that this amount has been received into the Company's share issue account; (v) The new shares carry rights to any dividends distributed after the new shares are issued. Moreover, the new shares carry rights in the Company from the time of registration of the share capital increase; (vi) Article 4 of the Articles of Association is amended to show the actual share capital, number of shares and their nominal value after the capital increase; (k) Public Share Issue The recommended refinancing is conditional on a public share issue being implemented that will give the Company gross proceeds of NOK200 million to strengthen the Company's equity capital and to further reduce the Company's debt ratio. The refinancing, including the capital reduction in item 9b) and the debt conversion in item 10, is contingent upon the Company's actually receiving this amount through the public issue. The reason for recommending the implementation of a public issue instead of a preemptive rights issue, is the actual size of the issue; that a public issue provides greater flexibility for, among other matters, to decide the subscription price, as well as the wish to achieve a larger distribution of shares. A public issue necessitates that existing shareholders' pre-emptive rights to subscribe, are waived, ref. the Companies Act sections 10. 4 and 10.5. However, like other investors, existing shareholders will be able to subscribe for shares in the public issue and will be given priority in case of oversubscription. The issue will be implemented at a subscription price determined by the Board within the interval defined in item 3 of the recommendation to decide a share issue. The subscription price shall be market based and will only be decided when the subscription period has expired. The prospect for the issue will contain a more detailed description of the principals used by the Board when the subscription price is determined. On this background the Board recommends that the Shareholders' General Meeting decides as: (i) The share capital is increased by a minimum of NOK60,000,000 and a maximum of NOK150,000,000 through the issue of a minimum of 80,000,000 and a maximum of 200,000,000 shares, each with a nominal value of NOK0.75. The purpose of the issue is to bring in gross proceeds of NOK200 million. The final number of shares to be issued will be determined when the Board has decided the subscription price in accordance with item 3 below, and such subscription price shall correspond to the number of shares obtained when dividing NOK200 million with the subscription price that is determined. Pursuant to the Companies Act section 10.1.2.1 the Board has the authority to finally decide the amount of increase in the share capital when the subscription price has been determined. Implementation of the issue is contingent upon the Company's receiving gross proceeds of NOK200 million from the issue. (ii) The shares shall be subscribed in a public issue and the Company's existing shareholders' pre-emptive rights pursuant to the Companies Act section 10.4 are waived. The Board is given authority to establish criteria for allocation of shares, provided, however, that the Company's existing shareholders are given priority in case the share issue is oversubscribed. (iii) The subscription price shall be minimum NOK1.00 and maximum NOK2.50. Pursuant to the Companies Act section 10.1.2.3, the Board may at its discretion determine the final subscription price. (iv) The subscription period is from and including 13 May 2005 to and including 27 May 2005. (v) Payment of the subscription amount shall take place no later than 2 June 2005 to the Company's nearest share issue account as shown in the prospect. (vi) The new shares carry rights to any dividends to be distributed after the new shares are issued. Moreover, the new shares carry rights in the Company from the time of registration of the share capital increase. Article 4 of the Company's Articles of Association is amended to show the share capital and the number of shares and their nominal value after the share capital increase. (l) Amending the Articles of Association In order to bring the Company's Articles of Association in line with the recommended Corporate Governance, the Board recommends that the Article defining the Company's type of business is amended to read as: Articles 3 of the Articles of Association is amended to read as: The Company's business is production, processing, sale and distribution of seafood and products associated with seafood production and, either directly or through ownership of shares, participate in other companies and in all activities associated with this. The Annual Accounts, the Annual Report and the Auditor's Report have been distributed earlier. The Shareholders' General Meeting will be opened by the Chairman of the Board of Directors. All shareholders who want to be present, are kindly asked to send their registration to Pan Fish A.S.A. early enough to have been received by us prior to 5 May 2005. If you wish to be represented by proxy, please include the proxy's name and authority in the registration. Any authority assigned to the Chairman of the Board of Directors should be at Pan Fish A.S.A. no later than 5 May 2005. Cordially, Pan Fish ASA Gabriel Smith Chairman of the Board of Directors CONTACT: PAN FISH Atle Eide, CEO Mobile: +47 911 52 977 PAN FISH: Refinancing via NOK500 Mln Debt Conversion ---------------------------------------------------- Pan Fish has in cooperation with DnB NOR and Nordea reached a refinancing agreement where the two banks will convert NOK500 million of the company's debt to equity. It is a premise for this that the company carries through a share issue of NOK200 million. The refinancing will make Pan Fish an independent and focused fish farming company with a strong solidity. The equity will be in the area of 35% after the share issue and conversion, with zero goodwill and very low license values. "After two years of targeted strategic, financial and operational restructuring Pan Fish now carries out its final refinancing. Through a long term financing adapted to the company's level of ambition, Pan Fish finally has a financial situation which enables us to compete and accelerate the rebuilding of the company as a leading global supplier of quality Atlantic salmon," says Atle Eide CEO in Pan Fish. He continues: "With the strengthening of the balance sheet the company has a financial platform that enable us to reach our ambitious production cost targets even with relatively low salmon prices through the rebuilding phase." The refinancing proposal implies that Nordea Bank Norge A.S.A. and DnB NOR A.S.A. will convert NOK500 million of the company's debt to equity. It is a premise for this that the company carries through a share issue of NOK200 million. It is a necessary element in the refinancing proposal that the company's current share capital is reduced trough a write down of the share's par value from NOK2,00 to NOK0,75. This will be carried out trough a capital reduction partly to meet uncovered losses and partly transferred to other equity. The capital reduction presupposes that a refinancing agreement between the company and the syndicate banks has been reached prior to the shareholders general meeting, and that Nordea Bank Norge A.S.A. has received confirmation from the Oslo Stock Exchange that the conversion of debt does not trigger a mandatory offer to all other shareholders. "Pan Fish as a company, our customers, employees and business associates have been through a long period of financial turbulence and insecurity. It is with great satisfaction that I now can announce that Pan Fish is well set for the future, both operationally and financially. In Pan Fish we have over the two last years focused on reducing the production cost which has proven a continuous declining trend. This gives us comfort in our ability to reach our clearly defined target of becoming the lowest cost producer of quality salmon. As a result of our focus on reducing costs we were able to present an EBITDA improvement of NOK400 million in 2004 compared to the year before. In combination with other defined operational improvements this sets Pan Fish in a position to deliver a sustainable and profitable growth such that we can recapture the position as one of the leading producers of quality Atlantic salmon," says Mr. Eide. As communicated during the presentation of the fourth quarter 2004 financial results, the Pan Fish Group targets for 2005 are a production of 53,200 tons salmon (gutted weight) and a harvesting of 48,800 tons salmon (gw) in the equivalent period. The target for 2007/2008 is a production of 76 to 95,000 tons salmon (gw), which will place Pan Fish as one of the largest integrated salmon companies in the world. Based on the strategy of lowest cost production Mr. Eide concludes: "The history over the last 15 to 20 years has proven that the companies that have had a strict focus on production cost and quality also has proven a satisfactory shareholder return. This is the target we are working hard to achieve in Pan Fish." For additional information regarding the refinancing, see notice to the shareholders general meeting posted at the Oslo Stock Exchange, http://www.ose.no CONTACT: PAN FISH A.S.A. Atle Eide, CEO Phone: +47 911 52 977 =========== R U S S I A =========== CARBON: Bankruptcy Proceedings Begin ------------------------------------ The Arbitration Court of Orenburg region commenced bankruptcy proceedings against Carbon after finding the close joint stock company insolvent. The case is docketed as A47-5816/2004-14gk. Ms. Y. Ustimova has been appointed insolvency manager. Creditors have until May 19, 2005 to submit their proofs of claim to 460024, Russia, Orenburg, Turkestanskaya Str. 10A. CONTACT: CARBON Russia, Orenburg region, Ilekskaya Str. 1A Ms. Y. Ustimova Insolvency Manager 460024, Russia, Orenburg region, Turkestanskaya Str. 10A FRUNZENSKIY WOOD-PROM-KHOZ: Proofs of Claim Deadline May 19 ----------------------------------------------------------- The Arbitration Court of Irkutsk region has commenced bankruptcy supervision procedure on open joint stock company Frunzenskiy Wood-Prom-Khoz. The case is docketed as A19-29186/04-29. Mr. V. Pulyaevskiy has been appointed temporary insolvency manager. Creditors have until May 19, 2005 to submit their proofs of claim to 664081, Russia, Irkutsk-81, Post User Box 5604. CONTACT: FRUNZENSKIY WOOD-PROM-KHOZ Russia, Irkutsk region, Chunskiy region, Targiz, Pionerskaya Str. 3 Mr. V. Pulyaevskiy Temporary Insolvency Manager 664081, Russia, Irkutsk-81, Post User Box 5604 Phone/Fax: 8 (3952) 54-11-89 KARASEVSKIY: Bankruptcy Hearing Resumes Next Month -------------------------------------------------- The Arbitration Court of Tula region has commenced bankruptcy supervision procedure on open joint stock company Karasevskiy. The case is docketed as A68-3/B-05. Mr. M. Voloshkin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 300002, Russia, Tula, Arsenalnaya Str. 1D. A hearing will take place on May 31, 2005. CONTACT: KARASEVSKIY Russia, Tula region, Volovskiy region, Karasi St. Mr. M. Voloshkin Temporary Insolvency Manager 300002, Russia, Tula region, Arsenalnaya Str. 1D KYZYLSKIY MEAT: Declared Insolvent ---------------------------------- The Arbitration Court of Tyva republic commenced bankruptcy proceedings against Kyzylskiy Meat Combine after finding the open joint stock company insolvent. The case is docketed as A69-920/02-6(11). Mr. S. Mongush has been appointed insolvency manager. Creditors may submit their proofs of claim to 667000, Russia, Tyva republic, Kyzyl, Kochetova Str. 1, Office 6. CONTACT: Mr. S. Mongush Insolvency Manager 667000, Russia, Tyva republic, Kyzyl, Kochetova Str. 1, Office 6 RAY-GOROD-STROY: Undergoes Bankruptcy Supervision Procedure ----------------------------------------------------------- The Arbitration Court of Volgograd region has commenced bankruptcy supervision procedure on open joint stock company Ray-Gorod-Stroy. The case is docketed as A12-965/05-s57. Mr. A. Tokarev has been appointed temporary insolvency manager. A hearing will take place on June 1, 2005, 10:00 a.m. CONTACT: RAY-GOROD-STROY 404173, Russia, Volgograd region, Svetloyarskiy region, Raygorod Mr. A. Tokarev Temporary Insolvency Manager 400050, Russia, Volgograd region, Post User Box 1961 REINFORCED CONCRETE: Ulyanovsk Court Appoints Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Ulyanovsk region has commenced bankruptcy supervision procedure on LLC Factory of Reinforced Concrete Goods (TIN 7302022405). The case is docketed as A72-11868/04-19/34-B. Ms. T. Travkina has been appointed temporary insolvency manager. A hearing will take place on June 9, 2005. CONTACT: FACTROY OF REINFORCED CONCRETE GOODS Russia, Ulyanovsk region, Dimitrovograd, Promyshlennaya Str. 5 Ms. T. Travkina Temporary Insolvency Manager 433513, Russia, Ulyanovsk region, Dimitrovograd, Post User Box 936 SIBAYSKIY FACTORY: Under Bankruptcy Supervision ----------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy supervision procedure on municipal unitary enterprise Sibayskiy Factory of Alcoholic Beverages Sibay Alco (TIN 0267009420). The case is docketed as A07-41391/04-G-PAV. Mr. V. Iskandarov has been appointed temporary insolvency manager. CONTACT: Mr. V. Iskandarov Temporary Insolvency Manager 453830, Russia, Bashkortostan republic, Sibay, Vostochnoye Str. 8 Phone: (34775) 2-34-33, 3-05-91 SPETS-TRANS-SERVICE: Hires A. Sobitnyuk as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Ulyanovsk region commenced bankruptcy proceedings against Spets-Trans-Service (TIN 7302023543) after finding the state-owned enterprise insolvent. The case is docketed as A72-6282/04-17/21-b. Mr. A. Sobitnyuk has been appointed insolvency manager. Creditors have until May 19, 2005 to submit their proofs of claim to 433513, Russia, Ulyanovsk region, Dimitrovograd, Post User Box 968. CONTACT: SPETS-TRANS-SERVICE 433510, Russia, Dimitrovograd, Eniseyskiy Per. 1b Mr. A. Sobitnyuk Insolvency Manager 433513, Russia, Ulyanovsk region, Dimitrovograd, Post User Box 968 UNITED THERMAL: Gives Creditors Until May to File Claims -------------------------------------------------------- The Arbitration Court of Orel region commenced bankruptcy proceedings against United Thermal Energy Enterprise (TIN 5753030483) after finding the close joint stock company insolvent. The case is docketed as A29-230/05-3B. Mr. V. Solomatin has been appointed insolvency manager. Creditors have until May 19, 2005 to submit their proofs of claim to 302026, Russia, Orel, Komsomolskaya Str. 88, Room 11. CONTACT: UNITED THERMAL ENERGY ENTERPRISE 303028, Russia, Orel region, Gurtyeva Str. 27, Building 2 Mr. V. Solomatin Insolvency Manager 302026, Russia, Orel region, Komsomolskaya Str. 88, Room 11 Phone/Fax: (0862) 77-77-15 VICHUG-SNAB: Declared Insolvent ------------------------------- The Arbitration Court of Ivanovo region commenced bankruptcy proceedings against Vichug-Snab after finding the open joint stock company insolvent. The case is docketed as A17-1235/05-14B. Mr. S. Savrasov has been appointed insolvency manager. CONTACT: VICHUG-SNAB 155330, Russia, Ivanovo region, Vichuga, Shevchenko Str. 1B Mr. S. Savrasov Insolvency Manager 155330, Russia, Ivanovo region, Vichuga, Shevchenko Str. 1B YUKOS OIL: Igor Chernov Named CEO of Siberian Joint Venture ----------------------------------------------------------- Mol Rt. of Hungary and OAO Yukos Oil Co. named Igor Chernov chief executive of their Siberian production venture after his predecessor's arrest, Balazs Penz at Bloomberg News reports, citing the daily Napi Gazdasag. The previous CEO, Igor Vitke, was detained in March 2005 on charges that the company pumped more oil than its license allowed, the Napi said. OAO Yukos and Mol Rt. each own a 50% interest in the venture. Headquartered in Moscow, Russia, Yukos Oil Company -- http://www.yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in the energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for chapter 11 protection in the U.S. on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742). Zack A. Clement, Esq.; C. Mark Baker, Esq.; Evelyn H. Biery, Esq.; John A. Barrett, Esq.; Johnathan C. Bolton, Esq.; R. Andrew Black, Esq.; and Fulbright & Jaworski, LLP represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $12,276,000,000 in total assets and $30,790,000,000 in total debt. (Yukos Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: OAO NK YUKOS 31A, Dubininskaya St. 115054 Moscow, Russia Phone: +7-95-232-3161 Fax: +7-95-232-3160 Web site: http://www.yukos.com Investor Relations Alexander Gladyshev Phone: +7 095 788 00 33 E-mail: investors@yukos.ru Press Service Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru International Information Department Hugo Erikssen Phone: + 7 095 540-63-13 E-mail: inter@yukos.ru YUKOS OIL: Abandons Appeal of Bankruptcy Ruling ----------------------------------------------- The Bankruptcy Court on Feb. 24, 2005 granted Deutsche Bank AG's request to dismiss Yukos Oil Company's Chapter 11 case. On February 25, Yukos filed a request for new trial and asked the Bankruptcy Court to stay the Dismissal Order. The Bankruptcy Court denied Yukos' request on March 3. Yukos appealed from the Bankruptcy Court's Dismissal Order to the U.S. District Court for the Southern District of Texas. Yukos asked the Bankruptcy Court to impose a stay on the Dismissal Order pending resolution of the appeal. That request was similarly denied. Yukos turned to the District Court to impose the stay. After hearing arguments on March 9, 2005, District Court Judge Nancy F. Atlas issued a memorandum opinion on March 18, denying Yukos' request for a stay. On March 22, 2005, Yukos announced that it was dropping the appeal. Yukos determined to continue to pursue all legal means in other forums to stop expropriation of assets by the Russian Authorities. Zack A. Clement, Esq., at Fulbright & Jaworski, LLP, in Houston Texas, notes that the record in the appeal has not been assembled by the clerk of court and the appeal has not been docketed pursuant to Rule 8007(b) of the Federal Rules of Bankruptcy. Thus, the appeal may be dismissed on the filing of a stipulation of dismissal signed by all the parties pursuant to Bankruptcy Rule 8001(c)(1). Yukos and Deutsche Bank are the sole parties to the appeal. The parties stipulate that the appeal filed by Yukos is voluntarily dismissed. In accordance with the parties' stipulation, Judge Atlas dismissed Yukos' appeal with each party to bear its own costs. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru ========= S P A I N ========= ADRA EMPRESA: Declares Bankruptcy --------------------------------- A Madrid court has declared construction group Adra Empresa Constructora insolvent, Expansion says. Adra, which filed for bankruptcy in 2003, has been hounded by liquidity problems. Oddly, at the time of its filing, the company's business was on a downward swing while the local construction sector was on the rebound. The group went into receivership the same year upon the demand of three of its suppliers. Sources close to Adra said the group had enough liquidity to pay its liabilities and get out of receivership. Adra's business, however, continued to sour and ultimately forced the company to declare insolvency with a EUR140,000 debt. CONTACT: ADRA EMPRESA CONSTRUCTORA S.A. Cl. Samaria, 3 28009 Madrid Phone: 914009910 Fax: 915747660 GENEROS FERRYS: On the Brink of Receivership -------------------------------------------- Clothing firm Generos de Punto Ferrys might be placed into receivership, El Pais says. Despite posting close to EUR1 million profit in 2003, Ferrys financial liabilities swelled to around EUR40 million, including EUR19 million in social security and tax debt. The group's financial difficulties persisted even after reducing workers from 1,800 to 500 and modernizing its facilities. It also received aid from the government. CONTACT: GENEROS DE PUNTO FERRYS S.A. Av. Corts Valencianes 81 Bajo 46650 Canals Valencia Phone: +34 (6) 224 01 00 Fax: +34 (6) 224 53 63 Web site: http://www.ferrys.es ===================== S W I T Z E R L A N D ===================== SWISS INTERNATIONAL: To Renew Labor Deal with Swiss Pilots ---------------------------------------------------------- The Swiss Board of Directors served notice to terminate the company's Collective Labour Agreement (CLA) with the Swiss Pilots Association effective Oct. 31, 2005, in accordance with the agreement's notice provisions. Swiss will continue to conduct its negotiations with the union on a new CLA, which were initiated at the end of January. The Swiss Pilots Association has been informed of Swiss's action in serving notice on the present CLA, which was required for contractual reasons. As part of its overall renegotiation of its employees' terms and conditions of employment, Swiss has already served due notice to terminate its existing CLAs with its ground personnel and its cabin crew corps. Agreement has already been reached on a new CLA for Swiss-based ground personnel, which entered into effect on April 1, 2005. Swiss will continue to strive to find viable and forward-looking solutions together with its social partners, which secure as many jobs as possible in the longer term. CONTACT: SWISS INTERNATIONAL Corporate Communications P.O. Box, CH-4002 Basel Phone: +41 (0) 848 773 773 Fax: +41 (0) 61 582 3554 E-mail: communications@swiss.com Web site: http://www.swiss.com ============= U K R A I N E ============= CHAPAYEVSKE: Claims Filing Period Ends Next Week ------------------------------------------------ The Economic Court of Zaporizhya region commenced bankruptcy proceedings against Chapayevske (code EDRPOU 00849037) on February 24, 2005 after finding the open joint stock company insolvent. The case is docketed as 25/42. Ms. Alekseyeva Ludmila has been appointed liquidator/insolvency manager. The company holds account number 26005303290403 at JSCB National credit. Creditors have until April 24, 2005 to submit their proofs of claim to: (a) CHAPAYEVSKE 70030, Ukraine, Zaporizhya region, Vilnyansk district, Mihajlivka, Slobodchikov Str. 11 (b) Ms. Alekseyeva Ludmila, Liquidator/Insolvency Manager 70410, Ukraine, Zaporizhya region, Zaporizhya district, Lukashevo, Shasliva Str. 5 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 DEKADA: Poltava Court Opens Bankruptcy Proceedings -------------------------------------------------- The Economic Court of Poltava region commenced bankruptcy proceedings against Dekada (code EDRPOU 32802595) on March 3, 2005 after finding the limited liability company insolvent. The case is docketed as 7/17. Mr. O. Zayichenko (License Number AA 216802) has been appointed liquidator/insolvency manager. Creditors have until April 24, 2005 to submit their proofs of claim to: (a) DEKADA Ukraine, Poltava region, Kremenchuk, Profspilkova Str. 1 (b) Mr. O. Zayichenko Liquidator/Insolvency Manager Ukraine, Poltava region, Kremenchuk, Zhovtneva Str. 7/80 Phone: (0536) 63-26-53 (c) ECONOMIC COURT OF POLTAVA REGION 36000, Ukraine, Poltava region, Zigina Str. 1 ENGINEERING: Liquidator Takes over Helm --------------------------------------- The Economic Court of Cherkassy region commenced bankruptcy proceedings against engineering association Engineering (code EDRPOU 30794991) after finding the limited liability company insolvent. The case is docketed as 01/38/97. Smila State Tax Inspection has been appointed liquidator/insolvency manager. The company holds account number 26007051500081 at CB Privatbank, Smila branch, MFO 354347. Creditors have until April 24, 2005 to submit their proofs of claim to: (a) ENGINEERING ASSOCIATION ENGINEERING Ukraine, Cherkassy region, Smila, Mazura Str. 24 (b) SMILA STATE TAX INSPECTION Liquidator/Insolvency Manager Ukraine, Cherkassy region, Smila, Lenin Str. 76 (c) ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue, 307 GLAVANBUDMATERIALI: Under Bankruptcy Supervision ------------------------------------------------ The Economic Court of Odesa region commenced bankruptcy supervision procedure on JSCCT Glavanbudmateriali on March 15, 2005. The case is docketed as 2/7-05-138. Mr. Volodimir Ajmedov (License Number AA 249862) has been appointed temporary insolvency manager. Creditors have until April 24, 2005 to submit their proofs of claim to: (a) GLAVANBUDMATERIALI 68434, Ukraine, Odesa region, Artsizskij district, Glavani (b) ECONOMIC COURT OF ODESA REGION 65032, Ukraine, Odesa region, Shevchenko Avenue, 4 LIK-X: Last Day for Filing Claims April 25 ------------------------------------------ The Economic Court of Dnipropetrovsk region commenced bankruptcy supervision procedure on LLC Production-Commercial Firm Lik-X (code EDRPOU 20276224). The case is docketed as B 29/190/04. Mr. D. Komarnitskij (License Number AB 116109) has been appointed temporary insolvency manager. The company holds account number 26005129007001 at CJSC CB Privatbank, MFO 305299. Creditors have until April 25, 2005 to submit their proofs of claim to: (a) LIK-X 49000, Ukraine, Dnipropetrovsk region, Zaporizke Shoes Str. 60/131 (b) Mr. D. Komarnitskij Temporary Insolvency Manager 49000, Ukraine, Dnipropetrovsk region, Korobova Str. 1/56 Phone: 780-22-72 (c) ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a MIKROTEST: Creditors' Claims Due Next Week ------------------------------------------ The Economic Court of Lviv region commenced bankruptcy proceedings against Mikrotest (code EDRPOU 32969316) on March 14, 2005 after finding the limited liability company insolvent. The case is docketed as 6/41-29/29. Mr. Oleg Vinyarskij (License Number AA 487814) has been appointed liquidator/insolvency manager. The company holds account number 2600627345 at OJSC CB Dnister, MFO 325569. Creditors have until April 24, 2005 to submit their proofs of claim to: (a) MIKROTEST 79054, Ukraine, Lviv region, Vigorskij Str. 65/38 (b) Mr. Oleg Vinyarskij Liquidator/Insolvency Manager 79020, Ukraine, Lviv region, Varshavska Str. 66/21 (c) ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 ORIGINAL: Bankruptcy Supervision Starts --------------------------------------- The Economic Court of Dnipropetrovsk region commenced bankruptcy supervision procedure on Original (code EDRPOU 193310080). The case is docketed as B 40/172/04. Mr. I. Senchenko (License Number AB 116194) has been appointed temporary insolvency manager. The company holds account number 26000009320101/980 at JSPPB Aval, Pavlograd branch, MFO 306726. Creditors have until April 25, 2005 to submit their proofs of claim to: (a) ORIGINAL 51400, Ukraine, Dnipropetrovsk region, Pavlograd, Poshtova Str. 3/18 (b) Mr. I. Senchenko Temporary Insolvency Manager 49017, Ukraine, Dnipropetrovsk region, Petrovskij Avenue, 50-a/13 (c) ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a SANTARES-ARES: Gives Creditors Until Next Week to File Claims ------------------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Santares-Ares (code EDRPOU 31140270) on March 1, 2005 after finding the company insolvent. The case is docketed as 23/185-B. Mr. Sergij Kalinichenko has been appointed liquidator/insolvency manager. The company holds account number 26009285445001 at CB Privatbank, Kyiv region regional branch, MFO 321842. Creditors have until April 24, 2005 to submit their proofs of claim to: (a) SANTARES-ARES 04070, Ukraine, Kyiv region, Pochajnivska Str. 38/44 (b) Mr. Sergij Kalinichenko Liquidator/Insolvency Manager 03150, Ukraine, Kyiv region, Anri Barbus Str. 40-A, office 23 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B SILGOSPTEHNIKA: Succumbs to Insolvency -------------------------------------- The Economic Court of Zhitomir region commenced bankruptcy proceedings against Silgosptehnika (code EDRPOU 00903707) on February 24, 2005 after finding the open joint stock company insolvent. The case is docketed as 5/4/131 B. Mr. Mikola Kinalevskij (License Number AB 116195) has been appointed liquidator/insolvency manager. CONTACT: SILGOSPTEHNIKA 13400, Ukraine, Zhitomir region, Andrushivka, Mikola Lisenko Str. 8 Mr. Mikola Kinalevskij Liquidator/Insolvency Manager Phone: (0412) 22-36-56 =========================== U N I T E D K I N G D O M =========================== ACE INVESTMENTS: Sets General Meeting Next Month ------------------------------------------------ The general meeting of Ace Investments Limited will be on May 17, 2005 at 12:00 noon. It will be held at the offices of Valentine & Co, 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Valentine & Co, 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS not later than 12:00 noon, May 16, 2005. CONTACT: VALENTINE & CO. 4 Dancastle Court 14 Arcadia Avenue, London N3 2HS Phone: 020 8343 3710 Fax: 020 9343 4486 Web site: http://www.valentine-co.com A. H. ISLINGTON: In Administrative Receivership ----------------------------------------------- HSBC Bank Plc appointed N. A. Bennett and K. D. Goodman (Office Holder Nos 9083, 2407) joint administrative receivers for A. H. Islington Limited (Reg No 04744033, Trading Name: Seraphin Restaurant). The application was filed April 5, 2005. The company manages restaurants. CONTACT: LEONARD CURTIS & CO One Great Cumberland Place, Marble Arch, London W1H 7LW Phone: 020 7535 7000 Fax: 020 7723 6059 E-mail: solutions@leonardcurtis.co.uk Web site: http://www.leonardcurtis.co.uk A.S. & R.E.: Liquidator from Smith & Williamson Moves in -------------------------------------------------------- At the extraordinary general meeting of A.S. & R.E. Perkins Limited on March 22, 2005 held at Old Library Chambers, 21 Chipper Lane, Salisbury, Wiltshire SP1 1BG, the subjoined special resolution to wind up the company was passed. Kevin James Wilson Weir of Smith & Williamson has been appointed liquidator of the company. CONTACT: SMITH & WILLIAMSON LIMITED Notebeme House 84 High Street Southampton Hampshire SO14 2NT Phone: 02380 831 050 Fax: 02380 831 051 E-mail: KW2@smith.williamson.co.uk AXIS (GLOBAL): Appoints Pure Recovery Administrator --------------------------------------------------- Stephen John Evans and Ian Timothy Brown (IP Nos 8759, 9001) have been appointed joint administrators for Axis (Global) Limited. The appointment was made April 6, 2005. Its registered office is located at John Stow House, 18 Bevis Marks, London EC3A 7ED. CONTACT: PURE RECOVERY 141-143 Shoreditch High Street London E1 6JE E-mail: tim.brown@purerecovery.com BEECHTREE CORPORATE: Administrators from Grant Thornton Move in --------------------------------------------------------------- Keith Hinds (IP No 6745) and Leslie Ross (IP No 7244) have been appointed administrators for Beechtree Corporate Clothing Limited. The appointment was made April 6, 2005. The factory manufactures workwear. Its registered office is located at Beech Hill Mills, Raglan Street, Halifax, West Yorkshire HX1 5QX. CONTACT: GRANT THORNTON Heron House, Albert Square MANCHESTER M60 8GT Phone: 0161 834 5414 Fax: 0161 832 6042 Web site: http://www.grant-thornton.co.uk BISHOPSWOOD HOUSE: Deadline for Proofs of Claim Set Next Month -------------------------------------------------------------- At the extraordinary general meeting of Bishopswood House Limited on April 5, 2005 held at 66 Westminster Gardens, Marsham Street, London SW1P 3JG, the special resolution to wind up the company was passed. Stephen Robert Cork and Joanne Elizabeth Milner of Smith & Williamson Limited have been appointed joint liquidators of the company. Creditors are required to send their proofs of debt in writing to Stephen Robert Cork and Joanne Elizabeth Milner, of Smith & Williamson Limited, Prospect House, 2 Athenaeum Road, London N20 9YU on or before May 13, 2005. CONTACT: SMITH & WILLIAMSON Prospect House 2 Athenaeum Road London N20 9YU Phone: 020 8492 8600 Fax: 020 8492 8601 CENTRAL HYDRAULICS: Names Moore Stephens Administrator ------------------------------------------------------ Steven Draine and David Rolph (IP Nos 8866, 5930) have been appointed joint administrators for Central Hydraulics Limited. The appointment was made April 7, 2005. The shop is into hydraulic maintenance. CONTACT: MOORE STEPHENS CORPORATE RECOVERY 3/5 Rickmansworth Road Watford Hertfordshire WD18 0GX Phone: 01923 236622 Fax: 01923 245660 E-mail: steve.draine@moorestephens.com COBURG DIRECT: Creditors to Meet Next Week ------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Coburg Direct Limited Notice is hereby given, pursuant to Section 98 of the Insolvency Act 1986, that a meeting of the creditors of Coburg Direct Limited will be held within Cowan & Partners CA, 60 Constitution Street, Leith on April 26, 2005 at 11:00 am, for the purposes mentioned in Sections 99, 100 and 101 of the said Act. A list of the names and addresses of the company's creditors may be inspected, free of charge, at the offices of Cowan & Partners, 60 Constitution Street, Leith, Edinburgh EH6 6RR two business days prior to the meeting. By Order of the Board, Alasdair Johnstone Smith, Director April 11, 2005 CONTACT: COWAN & PARTNERS 60 Constitution Street Edinburgh EH6 6RR Phone: 0131 554 0724 Fax: 0131 553 2267 E-mail: mail@cowanandpartners.co.uk COUNTRY CARE: Final General Meeting Set Third Week of May --------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Country Care (Nursing Homes) Limited (In Liquidation) Notice is hereby given, pursuant to Section 94 of the Insolvency Act 1986, that a final general meeting of Country Care (Nursing Homes) Limited will be held at Ten George Street, Edinburgh EH2 2DZ on May 19, 2005 at 10:00 a.m. for the purpose of having a final account laid before it showing how the winding-up of the company has been conducted and the property of the company disposed of, and of hearing any explanations that may be given by the liquidator. Members are entitled to attend in person or alternatively by proxy. A member may vote according to the rights attaching to his shares as set out in the company's Articles of Association. A resolution will be passed only if a majority of those voting in person or by proxy vote in favor. Proxies must be lodged with me at or before the meeting. T. M. Burton, Liquidator April 7, 2005 CONTACT: ERNST & YOUNG LLP Ten George Street Edinburgh EH2 2DZ Phone: +44 [0] 131 777 2000 Fax: +44 [0] 131 777 2001 Web site: http://www.ey.com COURTS PLC: To Sell Malaysian Subsidiary, Report Says ----------------------------------------------------- Furniture retailer Courts plc plans to sell a 50.1% stake in Malaysian unit Courts Mammoth Bhd to help it secure maximum value for creditors, according to Malay Mail. The firm could open the bidding by the end of June, the report said. Tesco Malaysia shareholder Sime Darby Bhd is rumored likely to participate. Earlier, TCR-Europe reported that KPMG, the administrator of Courts, is planning to sell healthy units in the Caribbean and Asia-Pacific. Courts' international businesses extend on one side from St. Lucia to Barbados and the other from Thailand to Singapore. Courts fell into administration in November after failing to revive its British arm. It has debt of GBP280 million at the time. Courts' 88 British stores are now being run by retail specialist SB Capital, pending a winding down of domestic business. CONTACT: COURTS PLC The Grange 1 Central Rd. Morden Surrey SM4 5PQ Phone: +44-20 8640 3322 Fax: +44-20 8410 9444 Web site: http://www.courtsplc.com CREMATORIA INVESTMENT: General Meeting of Members Set May --------------------------------------------------------- The final general meeting of the members of Crematoria Investment Company Limited will be on May 25, 2005 at 11:00 a.m. It will be held at the offices of Benedict Mackenzie, 3-4 The Courtyard, East Park, Crawley, West Sussex. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Benedict Mackenzie, 3-4 The Courtyard, East Park, Crawley, West Sussex not later than 12:00 noon, May 24, 2005. CONTACT: BENEDICT MACKENZIE 4 The Courtyard East Park Crawley West Sussex RH10 6AG Phone: 01293 410333 Fax: 01293 428530 E-mail: m.fillmore@benemack.com DAMOVO GROUP: EUR350 Million Senior Secured Notes Rated 'CCC+' -------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' long-term corporate credit rating to U.K.-based telecommunications services provider Damovo Group S.A. The outlook is stable. At the same time, the EUR350 million senior secured notes due 2012 -- split between a fixed- and a floating-rate tranche to be issued by Damovo's Luxembourg-based guaranteed subsidiary, Damovo III S.A. -- were rated 'CCC+' and assigned a recovery rating of '4'. "The rating on Damovo reflects the group's limited size and diversification in the competitive information and communication technology market, aggressive leverage, and adequate liquidity," said Standard & Poor's credit analyst Patrice Cochelin. At Jan. 31, 2005, Damovo had about EUR665 million (US$858 million) in lease-adjusted debt, excluding subordinated shareholder loan notes. The leverage is only partly offset by Damovo's sound client portfolio in the public sector (65% of revenues in 2004). Damovo benefits, however, from its strong presence and track record in the growing public sector customer segment of the highly fragmented telecoms services industry. "The notes carry a 'CCC+' issue rating, which is two notches below the corporate credit rating, and a recovery rating of '4', reflecting limited recovery prospects in a default scenario as a result of structural subordination and the group's thin tangible asset base," Mr. Cochelin said. The 'CCC+' rating on the notes is two notches below the corporate credit rating; this and the '4' recovery rating indicate that the noteholders can expect marginal (25%-50%) recovery of principal in the event of a default. The notes are issued by a subsidiary of Damovo, Damovo III S.A., which is also a holding company. The notes are therefore structurally subordinated to trade payables and other liabilities, including factoring, at the operating company level. We expect that Damovo will maintain its revenues and EBITDA at about current levels, which should enable it to gradually build up small amounts of cash after meeting the coupon on the notes. This assumes, however, that the group successfully transforms its prospect funnel into an order backlog of profitable contracts to offset its gradually maturing pool of existing contracts, particularly Interpolizie in Italy. No additional indebtedness, shareholder payments, or other credit-dilutive transactions are factored into the rating. Ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-mail Address CorporateFinanceEurope@standardandpoors.com DURSLEY STEEL: Calls in Administrators from Numerica ---------------------------------------------------- Mark Peter George Roach and Graham David Randall (IP Nos 9231, 9051) have been appointed joint administrators for Dursley Steel Fabrications Limited. The appointment was made April 12, 2005. The factory fabricates steel. CONTACT: NUMERICA LLP Crown House, 37-41 Prince Street, Bristol BS1 4PS Phone: 0117 934 2800 Fax: 0117 922 5191 Web site: http://www.numerica.biz EUROTUNNEL PLC: Total Revenue Up 2% in First Quarter ---------------------------------------------------- Channel Tunnel operator, Eurotunnel plc, on Monday revealed revenue and traffic figures for the first quarter of 2005. Revenue The total operating revenue for the period, including revenues from transport and non-transport activities, is GBP130.8 million. This represents an increase of 2% compared to the first quarter of 2004, at constant exchange rates. Shuttle revenues increased by 7%, at constant exchange rates compared to the first quarter of 2004, in a period of favorable market conditions. Railway revenues increased 1% to GBP58.7 million. This includes payments due under the Minimum Usage Charge arrangements amounting to GBP20.4 million in the first quarter. The revenue from non-transport activities remains marginal. The reduction of GBP1.9 million is due largely to the absence of non-recurrent revenues (land sales in first quarter 2004) in the first quarter of 2005. OPERATING REVENUE Q1 2005 Q1 2004 % Q1 2004 GBP MILLION draft restated* change reported ** unaudited* Shuttle services 70,0 65,4 7% 64,1 Railways 58,7 58,4 1% 57,5 Transport activities 128,7 123,8 4% 121,6 Non-transport 2,1 4,0 -48% 4,0 activities Operating revenue 130,8 127,8 2% 125,6 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - * exchange rate = GBP1 = EUR1.452 ** exchange rate = GBP1 = EUR 1.502 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Eurotunnel Shuttle Services Truck Shuttles Eurotunnel carried 345,570 trucks in the first quarter of 2005, an increase of 6% compared to 2004. The increase in traffic follows the introduction of the new freight strategy at the start of the year. Eurotunnel also benefited from the widespread disruption to ferry services throughout the first quarter due to a combination of severe weather, reduced berthing capacity at the port of Calais, and continuing industrial action by French seafarers. Average yields were higher in 2005 also contributing to the increase in revenue. Passenger Shuttles Eurotunnel carried 438,804 cars, an increase of 4% compared to 2004. Eurotunnel has pursued a policy of product differentiation for its Passenger car services and has improved the product mix, increasing short break and long stay activity. The Passenger car market has been erratic during the first quarter of 2005 due to the uncertainty of ferry services and disruptions at the port of Calais. The ferry companies have engaged in further price wars to gain market share. Despite this, Eurotunnel has improved volumes during this time. Eurotunnel carried 17,629 coaches, an increase of 49%. Coach traffic diverted from the port of Calais due to the uncertainty surrounding the regularity of ferry services. TRAFFIC 2005 2004 % Draft Actual Truck shuttles Trucks 345,570 326,003 6% Passenger shuttles Cars 438,804 421,070 4% Coaches 17,629 11,867 49% Railways (Eurostar and Rail Freight) The Channel Tunnel is also used by rail services not managed by Eurotunnel -- Eurostar for high-speed passenger -- only services on London/Paris and London/Brussels, and EWS and SNCF for international rail freight services. Eurostar Eurostar traffic grew 5% during the first quarter of 2005, compared to the first quarter of 2004, continuing the growth achieved since the opening of the first section of the U.K. high-speed rail link. Rail freight The volume of rail freight transported through the Channel Tunnel in the first quarter of 2005 declined by 11% to 417,103 tons compared to the first quarter of 2004. TRAFFIC 2005 2004 % Eurostar Passengers 1,694,560 1,606,789 5% Rail freight Tonnes 417,103 468,390 -11% CONTACT: EUROTUNNEL PLC Cheriton Park Cheriton High Street Folkestone Kent CT19 4QS United Kingdom Phone: +44-1303-288-750 Fax: +44-1303-850-360 Web site: http://www.eurotunnel.co.uk Media Inquiries Eurotunnel Press Office Phone: + 44 (0) 1303 288728 + 44 (0) 1303 288737 Investor Inquiries Xavier Clement Phone: + 33 1 55 27 36 27 EXY GROUP: Creditors Meeting Set Next Week ------------------------------------------ Name of companies: EXY Group Plc Office Green Technologies Limited Tonerflow Limited The creditors of these companies will meet on April 25, 2005 at 2:00 p.m. It will be held at The Ambassadors Hotel, 12 Upper Woburn Place, London WC1H 0HX. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU not later than 12:00 noon, April 22, 2005. CONTACT: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Phone: +44 (0) 20 7251 1644 Fax: +44 (0) 20 7250 0801 Web site: http://www.robsonrhodes.co.uk FREEMAN INTERACTIVE: Members General Meeting Set May ---------------------------------------------------- The final general meeting of the members of Freeman Interactive Limited will be on May 25, 2005 at 10:30 a.m. It will be held at KPMG, 8 Salisbury Square, London EC4Y 8BB. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with KPMG, 8 Salisbury Square, London EC4Y 8BB not later than 12:00 noon, May 24, 2005. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk F S I GROUP: Members Final Meeting Set Next Month ------------------------------------------------- The final meeting of F S I Group Plc will be on May 16, 2005 at 10:30 a.m. It will be held at the offices of Griffins, Russell Square House, 10-12 Russell Square, London WC1B 5EH. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Griffins, Russell Square House, 10-12 Russell Square, London WC1B 5EH not later than 12:00 noon, May 13, 2005. CONTACT: GRIFFINS Russell Square House 10-12 Russell Square London WC1B 5EH Phone: 020 7307 8200 Fax: 020 7307 8222 E-mail: martin.freeman@griffins.net GHE REALISATIONS: Creditors Meeting Set Next Week ------------------------------------------------- The creditors of GHE Realisations Limited will be on April 28, 2005 at 11:00 a.m. It will be held at 100-102 St James Road, Northampton NN5 5LF. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to BRI Business Recovery and Insolvency, 100-102 St James Road, Northampton NN5 5LF not later than 12:00 noon, April 27, 2005. CONTACT: BRI BUSINESS RECOVERY AND INSOLVENCY 100-102 St James Road, Northampton NN5 5LF Phone: 01604 754352 Fax: 01604 751660 E-mail: pwindatt@briuk.co.uk GLOBEHAVEN LIMITED: Restaurant Calls in Administrator from RE10 --------------------------------------------------------------- Nimish C Patel (IP No 8679) and Bijal Shah (IP No 8717 have been appointed joint administrators for Italian restaurant Globehaven Limited (t/a Meridiana). The appointment was made April 8, 2005. Its registered office is located at 59 Marloes Road, Kensington, London W8 6LE. CONTACT: RE10 Trinity House, Heather Park Drive, Wembley, Middlesex HA0 1SU Helpline: 870 787 2346 Web site: http://www.re10.co.uk RE10 Suite 215, Signal House, Lyon Road, Harrow, Middlesex HA1 2AQ GRANGE SEYMOUR: Calls in Administrators from BDO Stoy Hayward ------------------------------------------------------------- Geoffrey Stuart Kinlan (IP No 8268/01) and Tony Nygate (IP No 9237) have been appointed joint administrators for Grange Seymour Intercontinental Ltd. The appointment was made April 6, 2005. CONTACT: BDO STOY HAYWARD LLP Prospect Place, 85 Great North Road, Hatfield, Hertfordshire AL9 5BS Phone: 01707 255888 Fax: 01707 255890 E-mail: hatfield@bdo.co.uk Web site: http://www.bdo.co.uk BDO STOY HAYWARD LLP 8 Baker Street London W1U 3LL Phone: 020 7486 5888 Fax: 020 7487 3686 E-mail: london@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk IT IMAGE: Creditors Meeting Set Next Week ----------------------------------------- The creditors of IT Image Limited will meet on April 25, 2005 at 10:00 a.m. It will be held at The Ambassadors Hotel, 12 Upper Woburn Place, London WC1H 0HX. Creditors who want to be represented at meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU not later than 12:00 noon, April 22, 2005. CONTACT: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Phone: +44 (0) 20 7251 1644 Fax: +44 (0) 20 7250 0801 Web site: http://www.robsonrhodes.co.uk JARVIS PLC: Debt Swap Negotiations Begin ---------------------------------------- Talks between Jarvis and its U.S. creditors over a GBP250 million debt-for-equity swap are expected to start soon, The Scotsman said Monday, quoting sources privy to the deal. The once proud construction and engineering conglomerate is expected to clinch a deal by end of July at the earliest. "I would expect a deal in the next four months," one source close to the company told the paper. Weekend reports suggested that creditors would get nearly 80 percent of the company's equity, but Jarvis denied this Monday, adding no terms had been discussed yet. "Recent debt-for-equity restructuring deals in the U.K. have left existing shareholders with less than 5 percent of the equity," according to The Scotsman. Telewest shareholders ended up getting 1.5 percent in a deal last summer, while MyTravel gave its shareholders 4 percent in December, the paper said. Jarvis avoided collapse in December by selling its stake in the London Underground rail network for GBP147 million. Trouble began as early as three years ago when the first of a series of accidents happened on the tracks it maintained. The Potter Bar crash in 2002 is considered one of the worst in British history. Soon after creditor banks, including Barclays and Royal Bank of Scotland, bailed out and sold their loans to U.S. specialist investors like Strategic Value Partners and Canyon Capital. These new creditors now want to exchange the debt for shares by summer. CONTACT: JARVIS PLC 24 Britton St. London EC1M 5UA United Kingdom Phone: +44-20-7017-8000 Fax: +44-20-7017-0083 Web site: http://www.jarvisplc.com LEGG MASON: Appoints Tenon Recovery Liquidator ---------------------------------------------- At the meeting of Legg Mason Holdings Limited on March 31, 2005, the special and ordinary resolutions to wind up the company were passed. S. R. Thomas and S. J. Parker of Tenon Recovery, Sherlock House, 73 Baker Street, London W1U 6RD have been appointed joint liquidators of the company. Creditors are required to send in their full forenames and surnames, their addresses and descriptions, full particulars of their debt or claims, and the names and addresses of their Solicitors (if any), to S. R. Thomas of Tenon Recovery, Sherlock House, 73 Baker Street, London W1U 6RD on or before May 10, 2005. CONTACT: TENON RECOVERY Sherlock House 73 Baker Street London W1U 6RD Phone: 020 7935 5566 Fax: 020 7935 3512 E-mail: bakerstreet@tenongroup.com Web site: http://www.tenongroup.com MALABAR CAPITAL: Members Call in Deloitte & Touche Liquidator ------------------------------------------------------------- At the general meeting of the members of Malabar Capital Limited, the special and ordinary resolutions to wind up the company were passed. James Robert Drummond Smith and Nicholas James Dargan of Deloitte & Touche, Athene Place, PO Box 810, 66 Shoe Lane, London EC4A 3WA have been appointed liquidators of the company. Creditors are required to submit their written debt claims to James Robert Drumond Smith at Deloitte & Touche LLP, Athene Place, PO Box 810, 66 Shoe Lane, London EC4A 3WA on or before May 17, 2005. CONTACT: DELOITTE & TOUCHE LLP Athene Place 66 Shoe Lane London EC4A 3BQ Phone: 00 44 (0) 207 936 3000 Fax: 00 44 (0) 207 779 4001 Web site: http://www.deloitte.com NORFISH SEAFOODS: Members Final Meeting Set Next Month ------------------------------------------------------ The final meeting of the members of Norfish Seafoods Limited will be on May 23, 2005 at 10:00 a.m. It will be held at the offices of Bartfields (UK) Limited, Burley House, 12 Clarendon Road, Leeds LS2 9NF. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Bartfields (UK) Limited, Burley House, 12 Clarendon Road, Leeds LS2 9NF not later than 12:00 noon, May 20, 2005. CONTACT: BARTFIELDS (UK) LIMITED Burley House 12 Clarendon Road Leeds West Yorkshire LS2 9NF Phone: 0113 244 9051 Fax: 0113 234 3208 E-mail: gerald.krasner@bartfield.co.uk NOVEM CAR: Interior Design Company Calls Meeting in May ------------------------------------------------------- The final meeting of the shareholders of Novem Car Interior Design Limited will be on May 18, 2005 at 10:00 a.m. It will be held at 69-71 Queen Square, Bristol BS1 4JP. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged at 69-71 Queen Square, Bristol BS1 4JP not later than 12:00 noon, May 17, 2005. CONTACT: P. L. Thurston, Liquidator 69-71 Queen Square, Bristol BS1 4JP PHOENIX VENTURE: Calls in Administrators from PwC ------------------------------------------------- Tony Lomas, Steven Pearson and Rob Hunt, partners in PricewaterhouseCoopers, have been appointed joint administrators of Phoenix Venture Motors Limited on Monday. PVM operates MG Rover dealerships offering new and used car sales as well as servicing and spares. It operates from 11 sites in the Midlands, North West and South of England and has 472 employees. In the year ended 31 December 2003, it had turnover of circa GBP80 million and reported a loss of GBP2.5 million. Rob Hunt, joint administrator and partner in PricewaterhouseCoopers, said: "Following the administration of MG Rover Group Limited, which owed PVM a substantial sum of money, and our announcement on Friday that the chances of securing a sale of MG Rover Group Limited as a going concern look less likely, the directors of PVM were left with little option but to seek an administration order. "We will be working with management to quickly establish which of the sites can remain open and continue to trade so as to preserve parts of the distribution channel for MG Rover cars." On April 8, Ian Powell, Tony Lomas and Rob Hunt were appointed joint administrators of MG Rover Limited, while Tony Lomas, Rob Hunt and Steven Pearson were appointed joint administrators of Powertrain Limited. Steven Pearson and Rob Hunt were also appointed joint administrators of MG Sport and Racing Limited on Tuesday last week. CONTACT: MG ROVER GROUP LIMITED Longbridge, Bickenhill Birmingham B31 2TB, United Kingdom Phone: +44-121-475-2101 Fax: +44-121-482-2403 Web site: http://www1.mg-rover.com PRICEWATERHOUSECOOPERS Jon Bunn UK Head of Media Relations Phone: 020 7213 3279 Mobile: 07808 632167 Jenny Britton Business Recovery Services PR Manager Phone: 020 7212 2970 Mobile: 07855 522485 PHOENIX VENTURE: Administrators to Close Three Outlets ------------------------------------------------------ Joint administrators from PricewaterhouseCoopers said three dealerships of Phoenix Venture Motors Limited will close with immediate effect. Dealerships in Northampton (18 redundancies), Oxford (25) and Muswell Hill (43) London, have been closed Monday. Rob Hunt, joint administrator and partner in PricewaterhouseCoopers, said: "These closures reflect the results of our urgent review of PVM and take into account profitability and sales potential. We will continue to work with management to establish which of the remaining sites can stay open and continue to trade so as to preserve parts of the distribution channel for MG Rover cars." PVM has eight further dealerships in these locations: Preston, Chorley, Coventry, Rednal, Bromsgrove, Kidderminster, Hatfield and Romford. CONTACT: MG ROVER GROUP LIMITED Longbridge, Bickenhill Birmingham B31 2TB, United Kingdom Phone: +44-121-475-2101 Fax: +44-121-482-2403 Web site: http://www1.mg-rover.com PRICEWATERHOUSECOOPERS Jon Bunn UK Head of Media Relations Phone: 020 7213 3279 Mobile: 07808 632167 Jenny Britton Business Recovery Services PR Manager Phone: 020 7212 2970 Mobile: 07855 522485 P & H PROPERTIES: Appoints BDO Stoy Hayward Liquidator ------------------------------------------------------ At the extraordinary general meeting of P & H Properties Limited on March 30, 2005 held at Northside House, 69 Tweedy Road, Bromley, Kent BR1 3WA, the subjoined special resolution to wind up the company was passed. David Harry Gilbert and Simon James Michaels of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL have been appointed joint liquidators of the company. CONTACT: BDO STOY HAYWARD LLP 8 Baker Street London W1U 3LL Phone: 020 7486 5888 Fax: 020 7487 3686 E-mail: london@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk PREMIER PALLETISE: Grant Thornton Administrators Move in -------------------------------------------------------- Anthony Norman Flynn and Andrew David Conquest (IP Nos 8619, 5329) have been appointed joint administrators for Premier Palletise Limited. The appointment was made April 5, 2005. The company is into transporting palletized thru consignments. Its registered office is located at Unit 7 Fourth Way, Wembley, Middlesex HA9 0LH. CONTACT: GRANT THORNTON U.K. LLP Grant Thornton House Melton Street Euston Square London NW1 2EP Phone: 020 7383 5100 Fax: 020 7383 4715 Web site: http://www.grant-thornton.co.uk RICHARD WILD: Hires Marks Bloom as Administrator ------------------------------------------------ Philip Weinberg (IP No 5325) has been appointed administrator for Richard Wild Limited. The appointment was made April 4, 2005. Its registered office is located at 60-62 Old London Road, Kingston upon Thames KT2 6QZ. CONTACT: MARKS BLOOM 60-62 Old London Road, Kingston upon Thames, Surrey KT2 6QZ Phone: +44 (0) 20 85499951 Fax: +44 (0) 20 85496218 Web site: http://www.marksbloom.co.uk TRIDENT FASHIONS: Menswear Retailer Names Administrator ------------------------------------------------------- Charles MacMillan and Dermot Justin Power (IP Nos 6000, 6006) have been appointed joint administrators for Trident Fashions Plc (t/a Ciro Citterio). The appointment was made April 7 2005. The shop retails menswear. CONTACT: BDO STOY HAYWARD LLP 1 City Square Leeds West Yorkshire LS1 2DP Phone: 0113 244 3839 Fax: 0113 204 1200 TURNKEY U.K.: Winding-up Report Due Second Week of May ------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Turnkey (U.K.) Limited (In Liquidation) Notice is hereby given that the final meeting of members of Turnkey (U.K.) Limited will be held at the offices of Kroll, Afton House, 26 West Nile Street, Glasgow on May 9, 2005 at 11:00 a.m. for the purposes of receiving a report and account by the Liquidator showing the manner in which the winding-up of the Company has been conducted, the property of the Company disposed of and to receive any explanation regarding the conduct of the liquidation. These resolutions will be put to the meeting: (a) To accept the Liquidator's final report and account; (b) To approve the Liquidator's release from office. A member entitled to attend and vote at the meeting may appoint a proxy to attend and vote in his/her place. It is not necessary for the proxy to be a member of the Company. Fraser J. Gray, Liquidator April 6, 2005 CONTACT: KROLL GLASGOW Afton House 26 West Nile Street Glasgow G1 2PF Phone: 44 (0) 141 248 1250 Fax: 44 (0) 141 248 1262 Web site: http://www.krollworldwide.com Fraser J. Gray E-mail: fgray@krollworldwide.com VEDANTA RESOURCES: Plans to Develop Konkola Copper Mines -------------------------------------------------------- London-listed metals and mining company Vedanta Resources plc noted that the President of the Republic of Zambia this weekend discussed the considerable potential growth of the Konkola Copper Mines in a public speech. The speech mentioned the possibility of increasing capacity at the Nkana smelter and the future development of Konkola underground mine. Vedanta sees considerable potential to improve the existing operations at Konkola and develop these assets. Plans are underway to expand the smelting capacity at Nkana and engineering studies are taking place at Konkola underground mine. * * * In February, Standard & Poor's Ratings Services raised its long-term foreign-currency corporate credit and senior unsecured debt ratings on Vedanta Resources to 'BB+' from 'BB', following the upgrade of the sovereign credit rating on the Republic of India (BB+/Stable/B), where the majority of Vedanta's operations are based. CONTACT: VEDANTA RESOURCES PLC 44 Hill Street Mayfair London United Kingdom W1J 5NX Phone: +44 20 7629 6070 Fax: +44 20 7629 7426 Web site: http://www.vedantaresources.com Investor Relations John Smelt, Head Phone: +44 20 7499 5900 +44 787 964 2675 James Murgatroyd Robin Walker Finsbury Phone: +44 20 7251 3801 WHEEL (UK): Calls in Joint Administrators from Begbies Traynor -------------------------------------------------------------- David Moore and Donald Bailey (IP Nos 007510, 006739) have been appointed joint administrators for advertising company Wheel (UK) Limited. The appointment was made April 4, 2005. Its registered office is located at 5 Brooklands Place, Brooklands Road, Sale, Cheshire M33 3SD. CONTACT: BEGBIES TRAYNOR No 1 Old Hall Street, Liverpool L3 9HF Phone: 0151 227 4010 Fax: 0151 227 4009 Web site: http://www.begbies.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. 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